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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.
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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.
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