Factor - (1) An underlying characteristic of something (such as a house) that may contribute to the value of a variable (such as its sale price) but is observable only indirectly. For example, construction quality is a factor defined by workmanship, spacing of joists, and materials used. Factor definition and measurement may be done subjectively or by a computer-assisted statistical algorithm known as factor analysis. (2) Loosely, any characteristic used in adjusting the sale prices of comparables. (3) The reciprocal of a rate. Assessments may be equalized by multiplying them by a factor equal to the reciprocal of the assessment ratio, and value can be estimated using the income approach by multiplying income by a factor equal to the reciprocal of the discount rate.
Fee Simple Estate – Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
Field Review - The practice of reviewing the reasonableness of assessments by viewing the properties in question, sometimes by examining their interiors but more often by looking at their exteriors.
Fixture – (1) Attached Improvements that can be real or personal property. If attached to the realty in such a manner that is removal would damage the real property or the fixture, the fixture is realty. If the fixture is removable without damage, it is generally considered personal property. (2) An item of equipment that, because of the way it is used, the way it is attached, or both, has become an integral party of a building or other improvement. A fixture, such as a bathtub, is classified as real property, but trade fixtures (fixtures used in the conduct of business) are classified as personal property. (3) The hole through which water runs, e.g., sink, toilet, tub, shower.
Flood Zones – Areas mapped by FEMA for use in the National Flood Insurance Program (NFIP). Each flood zone designation, represented by a letter(s), tells the risk for flooding over a period of years regardless of the cause.
Floor System - The portion of a structure immediately above the foundation that consists of the structural material from which the floor system is made.
Foreclosure – The legal process in which a mortgagee forces the sale of a property to recover all or part of a loan on which the mortgagor has defaulted.
Foundation - The portion of a structure that lies beneath the floor system of all building structures.
Freehold Estate – An estate or possessory interest in land that lasts for an indeterminable length of time, such as for a lifetime or forever. Examples include fee simple (also called an indefeasible fee), defeasible fee, and life estates. The first two continue for an indefinite period and are inheritable by the heirs of the owner. The life estate terminates upon the death of the person on whose life it is based.
Front Foot – A land distance measured in feet taken along the frontage of a property.
Frontage – The measured length of a site that abuts a street, body of water, railroad, or other geographical feature of the land.
