Mostly The Smallfolk of Faerie in The Realms have retreated from the world. They can be found in deep forests, away from larger species, but are mostly harmless. In some places, things such as the Rhylan Weald Accordance govern relations with them.
Smallfolk of the faerie can invoke a Faerie Vexation using a Faerie Ring anchor; time means nothing to faerie, seems unconnected, but source of vexation can be seen in visions of flame, fog, and hallucinogens.
Lightbringers vs Smallfolk: A tension/animosity between Faerie Smallfolk and the Lightbringers developed over the ages.
The faerie Smallfolk equivalent of a Weald is called an Ellosarr. It is just ‘home’ to them – a place where intuition and an inherent sense of community exists. This is typically underground – though not carved or built. Passages and rooms are lined with stones, but not paved or have any perfectly straight walls. The entrances are enchanted – only the faerie folk can see it. It is only accessible at sunrise and set for the non smallfolk. Barring this, ‘side stepping’ using spells or abilities may work. Faerie Ring are often built to allow the folk of faerie to communicate with outsiders, or as a place of power.