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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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OBSOLESCENCE - A type of
depreciation of property.
OFFER
- A promise by one party to act or perform in a specified manner provided
the other party will act or perform in the manner requested.
OFFER
AND ACCEPTANCE - The two components of a valid contract; a "meeting of the minds."
OFFICE EXCLUSIVE - A listing in which the seller refuses to submit the listing to
Multiple Listing Service, even after being informed of the advantages of
MLS, and signs a certification to that effect.
OFFSITE COSTS - Costs such as for
sewers, streets, utilities, etc., which are incurred in the development of
raw land, but are not connected with the actual construction of the
buildings (onsite costs).
OPEN-END MORTGAGE - A mortgage in which the borrower is given a limit up to which he may
borrow, with any incremental advances of money up to but not exceeding the
original borrowing limit to be secured by the same mortgage.
OPEN
HOUSE - The common real estate
practice of showing a listed home to the public during established hours,
frequently on Sunday afternoons.
OPEN
LISTING - A listing given to any
number of brokers. The first broker who secures a buyer ready, willing and
able to purchase at the terms of the listing is the one who earns the
commission.
OPEN
SPACE - Certain portion of the
landscape which has not been built upon and which is sought either to be
reserved in its natural state or used for agricultural or recreational
purposes (such as parks, squares, and the like).
OPERATING EXPENSES - Those periodic and necessary expenses which are essential to the
continuous operation and maintenance of a property.
OPINION OF TITLE - An opinion by a person competent in examining titles, usually a title
attorney, as to the status of the title of a property.
OPTION - An agreement to keep
open, over a set period, an offer to sell or purchase property.
ORIGINATION FEE - The finance fee
charged by a lender for placing a mortgage, which covers initial costs such
as preparation of documents and credit, inspection and appraisal fees.
OVER-IMPROVEMENT - An improvement which by reason of excess size or cost is not the
highest and best use for the site on which it is placed.
OVERRIDE - A commission paid to
managerial personnel (e.g. principal broker) on sales made by their
subordinates, usually calculated as a percentage of the gross sales
commissions earned by the salesperson.
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