A B C D E F G H I J K L M N [O] P Q R S T U V W X Y & Z
Obsolescence – The loss of value due to factors that are outmoded or less useful. Obsolescence may be functional or economic.
Occupancy permit – A permit issued by the appropriate local governing body to establish that the property is suitable for habitation by meeting certain safety and health standards.
Offer and acceptance – Two essential components of a valid contract; a “meeting of the minds.”
Offeror/offeree – The person who makes the offer is the offeror. The person to whom the offer is made is the offeree.
Office of Thrift Supervision (OTS) – A government agency which governs the practices of fiduciary lenders. OTS was created by the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA).
Open-end loan – A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.
Open listing – A listing contract under which the broker’s commission is contingent on the broker’s producing a ready, willing, and able buyer before the property is sold by the seller or another broker.
Option – An agreement to keep open for a set period an offer to sell or purchase property.
Option listing – Listing with a provision that gives the listing broker the right to purchase the listed property.
Ostensible agency – A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.
