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Glossary Of Real Estate Terms
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Glossary F

Fee Simple:

The highest estate or absolute right in real property.
Fiduciary Relationship:
A person to whom power or property is entrusted for the benefit of another.
Fixed Assets:
Assets that add value to a business and are used in the operation of the enterprise, frequently referred to as capital assets and usually not intended for resale during initial acquisition.
Fixtures:
Permanent improvements to property that may not be removed at the expiration of the term of lease or tenure. In commercial tenancies, the tenant can remove trade fixtures at the end of the lease term, repairing any damage caused by their removal.
Flashing:
A thin pieces of impervious material installed in roof or wall construction to prevent the passage of water into a structure from a joint.
Footing:
The widened section, usually concrete reinforced with steel, at the base or bottom of all load-bearing parts of the foundation, i.e. foundation walls, piers or columns. 
Foreclosure:
A legal procedure whereby the lender obtains ownership of the property following default by the borrower.
Framing:
The rough timber or steel work of a building structure, including the flooring, roofing, partitioning, ceiling and beams. Building framing is divided into two broad categories: heavy framing or heavy frame construction and light framing or light frame construction.


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