- OBLIGEE
- A promisor; a person to whom another is bound by a promise or another obligation.
- OBSOLESCENCE
- Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs.
- OFFER
- A proposal to create a contract, which signifies the present intent of the offeror to be legally bound by his proposal.
- OFFEREE
- A person to whom an offer is made.
- OFFEROR
- A person who makes an offer.
- OFFSET STATEMENT
- Statement by owner of a deed of trust or mortgage against the property, setting forth the present status of the debt and lien. Also called a beneficiary statement.
- OPEN HOUSE
- Is an opportunity for a licensee tomeet potential buyers and sellers, and therefore is considered to be in the best intrest of the licensee and not the seller. This is NOT the most effective way to method to advertise a peice of rental property.
- OPEN LISTING
- An authorization given by a property-owner to a real estate agent in which the agent is given the nonexclusive right to secure a purchaser. Open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing, and able to meet the terms of the listing or who secures the acceptance by the seller of a satisfactory offer.
- OPEN-END MORTGAGE OR DEED OF TRUST
- A mortgage containing a clause that permits the mortgagor or trustor to borrow additional money without rewriting the mortgage or deed of trust.
- OPTION
- A right to have an act performed in the future; a right given for a consideration to purchase or lease a property upon specified terms within a specified time; a contract to keep an offer open for a particular period of time. The right of a person to buy or lease property at a set price at any time during the life of a contract.
- OPTION LISTING
- A listing that also includes an option, permitting the broker to buy the property at the stated price at any time during the listing period.
- ORAL CONTRACT
- A verbal agreement, one not reduced to writing.
- ORDINANCE
- A law passed by a political subdivision of the state (such as a town, city, or county).
- ORIENTATION
- Placement of a house on its lot with regard to its exposure to the rays of the sun, prevailing winds, privacy from the street, and protection from outside noises.
- OR-MORE CLAUSE
- A simple prepayment clause that permits the borrower to make a normal payment or any larger amount, up to and including the entire outstanding balance, without a prepayment penalty.
- OSTENSIBLE AGENCY
- An agency implied by law because the pricipal intentionally or inadvertently caused a third person to believe someone to be his agent, and that third person acted as if that other person was in fact the principal's agent.
- OVER IMPROVEMENT
- An improvement that is not the highest and best use for the site on which it is placed, by reason of excessive size or cost.
- OVERAGES IN TRUST ACCOUNT
- Any unexplained overages in the trust account must be held in trust by the licesee and must be maintained in a seperate record.
- OVERHANG
- The part of the roof that extends beyond the walls and that shades buildings and covers walks.
- OWNERSHIP
- The right of a person to use and possess property to the exclusion of others.
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