The present invention is directed an ultrasonic frequencies fault detecting apparatus. The present invention uses high frequency ultrasonic energy signals to analyze bearings and determine the presence of faults therein. The ultrasonic return signals are heterodyned (by amplitude demodulation) into the audio spectrum for purposes of audio detection. In addition, a FFT spectrum of the signal is displayed on a monitor for more accurate results. According to the present invention software is used to automatically analyze the FFT spectrum by comparing the current spectrum with stored spectrums of known bearing conditions as modified based on the rotary speed of the bearing and the number of balls. Once a defect in a bearing has been located in this manner using automated FFT analysis, an operator can then use a device, such as a calibrated lubricant dispenser, to effectuate maintenance and/or repair.