Might be a dumb question...

I'm looking at a listing for a 07 CBR track bike and they say "I have a new upper and lower that have never been installed". I feel like I've head the term before, but don't really know what it's referring to? Fairings?

Also, since I'm making a post... is $3500 a fair asking price? Ohlins suspension, clip ons and rearsets, Erion full exhaust, no title.