FAIR MARKET VALUE ‑ Legal term synonymous with MARKET VALUE.
FEE ‑ When applied to property, an inheritable estate in land.
FEE SIMPLE ‑ The most comprehensive ownership of real property known to law; the largest bundle of ownership rights possible in real estate. Fee simple title is sometimes referred to as "the fee".
FEE TAIL ‑ An estate or interest in land which cannot be conveyed but which must descend to the heirs of the holder; abolished in most states.
FIRST MORTGAGE ‑ The mortgage on property that is superior in right to any other mortgage.
