  From the "top-down" approach we investigate physics implications of the class
of D- and F- flat directions formed from non-Abelian singlets which are proven
flat to all orders in the nonrenormalizable superpotential, for a prototype
quasi-realistic free fermionic string model with the standard model gauge group
and three families (CHL5). These flat directions have at least an additional
U(1)' unbroken at the string scale. For each flat direction, the complete set
of effective mass terms and effective trilinear superpotential terms in the
observable sector are computed to all orders in the VEV's of the fields in the
flat direction. The "string selection-rules" disallow a large number of
couplings allowed by gauge invariance, resulting in a massless spectrum with a
large number of exotics, in most cases excluded by experiment, thus signifying
a generic flaw of these models. Nevertheless, the resulting trilinear couplings
of the massless spectrum possess a number of interesting features which we
analyse for two representative flat directions: for the fermion texture;
baryon- and lepton-number violating couplings; R-parity breaking; non-canonical
mu terms; and the possibility of electroweak and intermediate scale symmetry
breaking scenarios for U(1)'. The gauge coupling predictions are obtained in
the electroweak scale case. Fermion masses possess t-b and tau-mu universality,
with the string scale Yukawa couplings g and $g/\sqrt{2}$, respectively.
Fermion textures are present for certain flat directions, but only in the
down-quark sector. Baryon- and lepton- number violating couplings can trigger
proton-decay, $N-{\bar N}$ oscillations, leptoquark interactions and R-parity
violation, leading to the absence of a stable LSP.
