This character is "fo" in Chinese. Occasionally, it is also seen in ancient Japanese writings, where is it pronounced "hotoke". It means Buddha, or can simply refer to the Buddhist religion.

This scroll did not pass my inspection. It has an almost invisible watermark in the paper of the painting. The artist would argue that watermarks like this are part of watercolor paintings. But I am really picky about quality, so I can't sell this at full price - so instead I am taking a big loss and it go for $39 (less than half price). This calligraphy was done by Xing An-Ping of Beijing. It would have normally sold for $78.88