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O-ring
A small rubber ring that provides a water seal
in faucets and other plumbing fittings. |
obsolescence
Loss in value because a home's design and construction
have become obsolete. |
online real estate listings
Properties listed for sale on the
Internet. |
open house
A marketing tool in which a listing agent opens
a house to the public for viewing. |
open listing
A property given to a number of brokers to market
at the same time. |
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open space
Undeveloped land or common areas in a planned
community reserved for parks, walking paths, or other
natural uses. |
option
A situation in which a buyer puts down money for
the right to purchase a piece of real estate within
a set time period but does not have an obligation
to buy. |
option listing
A listing agreement with a clause that gives the
listing broker the right to purchase the property. |
oral agreement
Contractual arrangements that are not in writing
and are usually not legally binding. |
orange peel
A type of wallboard finish with a texture like
that of an orange peel. |
oriented-strand board
Often abbreviated "OSB," this is
a relatively inexpensive manufactured wood panel that,
like plywood, is sold typically in a 4-by-8-foot size
and used for roof and wall sheathing. |
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original principal balance
The amount of principal owed on
a loan before a borrower makes any payments. |
origination fee
A fee charged by most lenders to cover the direct
costs of arranging the loan; also called points. A
point is 1 percent of the total loan amount. |
ostensible agency
An implied agency relationship
not involving a written agreement or documentation. |
outbuilding
Any barn, shop, shed, or other structure located
on a lot in addition to a house or other main building. |
overflow plate
A small plate that covers an outlet near the rim
of a sink or tub. If the water is left running, this
allows it to drain away to prevent overflows. |
overflow prevention switch
A special air-pressure switch in
a dehumidifier that turns the unit off when water
in the reservoir rises to a certain level. |
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overhang
A protruding structural feature. |
overimproved property
Property that could not be sold
at a price high enough to recoup the costs of improvements. |
owner financing
A transaction in which the seller of a property
agrees to finance all or part of the purchase. |
