It is used by one player to let another player, group of players or spectators know that a ball is heading in their direction and they should watch out. Getting hit by a Golf ball is not only painful but very dangerous so it is best to let people know, so they can get out of the way.
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Four under on a given hole is called a condor, a hole in one on a par 5. It is extremely rare.
A fourball would be four players playing in a group, each playing their own golf ball.