  We overview physical effects of exchange frustration and quantum spin
fluctuations in (quasi-) two dimensional (2D) quantum magnets ($S=1/2$) with
square, rectangular and triangular structure. Our discussion is based on the
$J_1$-$J_2$ type frustrated exchange model and its generalizations. These
models are closely related and allow to tune between different phases,
magnetically ordered as well as more exotic nonmagnetic quantum phases by
changing only one or two control parameters. We survey ground state properties
like magnetization, saturation fields, ordered moment and structure factor in
the full phase diagram as obtained from numerical exact diagonalization
computations and analytical linear spin wave theory. We also review finite
temperature properties like susceptibility, specific heat and magnetocaloric
effect using the finite temperature Lanczos method. This method is powerful to
determine the exchange parameters and g-factors from experimental results. We
focus mostly on the observable physical frustration effects in magnetic phases
where plenty of quasi-2D material examples exist to identify the influence of
quantum fluctuations on magnetism.
