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Facilitation Services
The services by which the interests of a client are met in an even-handed, objective and impartial manner without providing confidential advice, advocating on behalf of either client or using discretion or judgment that benefits one client of the other client. 

Factory-Built Construction
A construction system in which a building is created wholly or partially in a manufacturing facility and transported to a building site.

Fair Trading Act
Alberta legislation that protects consumers from unfair business practices before, during or after a consumer transaction.

Fee for Service
A financial model of compensation that charges the client based on services performed rather than a fixed amount.

Fee Schedule
A table attached to a condominium corporation's Annual Budget which shows each condominium unit’s monthly contribution amount for the upcoming year.

Fee Simple 
The highest estate form of land/property ownership with the most rights with the fewest limitations. Although generally considered absolute ownership, it is still subject to the restrictions imposed by government.

Fiduciary
A person who is entrusted to represent another person and has the legal obligation to act for the benefit of, and solely in the best interests of that person being represented.

Fiduciary Duty
A legal duty requiring a real estate professional to act at all times in the client’s best interests.

Fiduciary Relationship
The relationship between a principal (e.g. client) and an agent whereby the agent is entrusted with acting for the benefit of the principal.

Financing Activities
The part of a Cash Flow Statement that denotes the money that was borrowed by an individual or organization from a lender as well as any payments that were made against borrowed funds.                                                      

First Mortgage
A first charge on property that ranks ahead of any other mortgage, based on the date and time of its registration on title. Also see Legal Mortgage.

Fixed Rate Mortgage
A mortgage for which the interest rate has been fixed for a certain period of time (generally the length of the mortgage term).

Fixtures
An improvement or personal property item attached to the real property or building. Whether an item becomes a fixture depends largely on the circumstances, with emphasis placed on the method of how the item is affixed to the property. Also see Attached Goods.

Floating Rate
An interest rate that bears a specified mathematical relationship to an index rate and includes an interest rate that is subject to a minimum and maximum or is determined at the beginning of a period for the whole period, regardless of changes in the index rate during the period.

For Sale by Owner
The process of selling a property that is for sale by the owner without the representation of a real estate industry professional.  Also see Seller.

Foreclosure
The legal process by which a lender takes possession and ownership of a property due to the borrower’s failure to comply with the terms and conditions of the mortgage agreement.

Foundation
A building system consisting of a base that a building rests upon.

Fractional Ownership
A form of ownership whereby more than one individual possesses fee simple title to a property.

Fraudulent Misrepresentation
A statement is made that is untrue and the person making the statement does so knowingly to induce a party to enter a contract to his or her detriment.

FRM (see Fixed Rate Mortgage)

Frustration
A basis to discharge or terminate a contract due to unforeseen circumstances which are beyond control of the parties and which makes the contract impossible to perform.

FSBO (see For Sale by Owner)

FTA (see Fair Trading Act)

Functional Utility
The sum of the attractiveness and usefulness of the property. It is the ability of the property to perform the function for which it intended, in terms of current market tastes and standards. Elements of functional utility in a residence include architecture, design and layout, traffic pattern, sizes and types of rooms, and performance standards.


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