REAL ESTATE DICTIONARY
| A | I | B | I | C | I | D | I | E | I | F | I | G | I | H | I | I | I | J | I | K | I | L | I | M | I | N | I | O | I | P | I | Q | I | R | I | S | I | T | I | U | I | V | I | W | I | X | I | Y | I | Z |
| O Back to top |
| 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. |
| O Back to top |
| 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. |
| O Back to top |
| 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. |
| O Back to top |
| 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. |