Provided by the Real Estate Institute of Australia

FACADE – The principal exterior face of a house or other building

FASCIA – A board carrying a gutter (spouting) around the eaves of a building.

FAIR MARKET VALUE – See Market Value.

FAIR RENT – The likely market rent that a property could command on the open market as indicated by the current rentals being paid for comparable properties. Where rent control legislation exists fair rent may be determined arbitrarily by reference to specified limitations on returns etc.

FAIR VALUE – Value that is reasonable and consistent with all of the known facts. See Market Value.

FAMILY ROOM – An informal living room, usually the centre of family activities, as distinguished from the more formal living room.

FELLOW – The highest grade of membership for many associations, including the Real Estate Institute of Australia.

FIRB – Foreign Investment Review Board. Reviews any proposals for foreign investment in Australia and advises the government on relevant foreign investment policy.

FIREPROOF CONSTRUCTION – Designed to withstand a complete burn-out of the contents of the structure, without impairment of its structural integrity.

FIREPROOFING – The use of incombustible materials to protect structural components of a building so it can withstand a complete burn-out of contents without losing structural integrity.

FIRE RESISTANCE RATING – Means the minimum period of time during which an element of a structure may be expected to function satisfactorily while subjected to a standard fire test, as set down by the relevant authority.

FIRE WALL – A wall constructed of fireproof material installed to check the spread of fire into other areas of a building or to adjacent properties.

FIRST REFUSAL – The right granted to a person to have the first privilege to buy or lease real estate, or the right to meet any offer made by another.

FISCAL YEAR – The business year as distinguished from the calendar year. The most commonly used period in Australia is 1 July to 30 June.

FIXED FLOOR COVERINGS – Wall to wall carpet, kitchen linoleum, vinyl tiles, etc. This term does not cover loose rugs.

FIXED INTEREST RATE – An interest rate that remains unchanged for a set period, for example, for the whole term of the loan, or the first year of a loan.

FIXED MORTGAGE – A mortgage whose terms do not require repayment of principal until the end of the mortgage term. Normally the borrower pays interest at regular intervals during the currency of the mortgage, i.e. each quarter, half-yearly or yearly.

FIXTURES – 'Fixtures' are those parts of a property usually included in the sale, such as light fittings, carpets, awnings, and so on.

FLAGSTONE – A flat, irregular slab of stone used for paving; usually sandstone or shale, which can be split into slabs. Used for walks, patios, terraces, planter boxes.

FLASHING – Sheet metal, copper, lead, or tin used in roof and wall construction to protect a building from seepage of water.

FLAT – A self-contained dwelling unit in a multi-unit building.

FLAT ROOF – A roof having a slope just sufficient to provide for proper drainage; one where the pitch does not exceed 20 degrees.

FLOOR AREA – Total horizontal surface of a specific floor, or the total area of all floors in a multi-storey building, computed from the outside building dimensions of each floor. Balconies and mezzanine floor areas are calculated separately and added to the total floor area of the building.

FLOOR AREA RATIO – The relationship between the floor area of a building and the square metre area of the site on which its stands.

FREEHOLD – The highest form of estate in land, and the nearest the law allows a real property owner to approach complete ownership. A freehold estate is one which is of unlimited duration, that is to say, it cannot be said of an estate of freehold at the time of its creation when it will come to an end.


F of the A-Z Glossary Provided by the Real Estate Institute of Australia you will find Glossary F, Glossary, A-Z Glossary, Provided by the institute of Australia, if offers you Information, Advice, Help, in regards to Property, properties, apartments, units, buying, selling, and Real Estate, any further questions contact Alan McGillivray, at Alan McGillivray Real estate
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