I would like to decrease the open space between the "item content" and the "extra fields" in the front end. I assume it has to do with the padding settings for one or both of these elements. I am not very "code literate", but would appreciate any help.

There are some sections maybe don't have any data to display, but empty divs are displayed and leave this space.

You need to apply template overrides and remove these DIVs if you will not use them, in the item.php, and also modify the css to decrease or remove not needed paddings and margins.

Thanks for the reply Mohamed,
What file should apply template override to? Which CSS are you referring to that I need to change the margin settings? Is it the TemplateCSS, K2Css or some other CSS file?
Thanks in advance.

Mainly the item.php file will be overridden, and the CSS of K2 will be changed.

You can read about template overrides here: getk2.org/documentation/tutorials/174-templating-with-k2-and-the-concepts-of-sub-templates

Thank you, Mohamed,
It seems my problem is with the K2 Filter and Search module and not with my site. I am contacting the module author for an answer. Thank you for caring.

Randy