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.
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.
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.
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.
