F
Fair Housing Act: The federal law that prohibits discrimination in housing based n race, color, religion, sex, handicap, familial status and national origin.
Fair Market Rent: The rent which would be normally agreed upon by a willing landlord and tenant in an “arm’s length transaction” for a specific property at a given time, even though the actual rent may, be different. In a lease, the term “fair market rent” is defined in a number of different ways and is subject to extensive negotiation and interpretation.
Free Rent: A concession granted to a tenant in the form of a partial or whole abatement of rent for a specified period of time as an inducement to enter into a lease. Items of rent which might be abated as a free rent concession include base rent, expense recoveries, percentage rent, utilities charges and CPI adjustments.