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Glossary > O
Frequently used terms
Open House
Option
Origination Fee
Over
Improved Property
Owner
Financing
O-ring
A small rubber ring that provides a water seal in faucets and
other plumbing fittings.
Office of Thrift Supervision (OTS)
The regulatory and supervisory agency for federally chartered
savings institutions. Formally known as the "Federal
Home Loan Bank Board"
One-year Adjustable Rate Mortgage
A mortgage whose interest rate changes yearly. The rate
is usually based on movements of a published index plus a
specified margin.
Open house
A marketing tool where 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 Arm Loan
A home loan where the borrower has multiple payment options
each month. Some options include negative amortization.
Option listing
A listing agreement with a clause that gives the listing broker
the right to purchase the property.
Orange peel
A type of wallboard finish with a texture like that of an
orange peel.
Original principal balance
The amount of principal owed on a loan before a borrower makes
any payments.
Origination fee
A fee charged by most mortgage lenders to cover costs of arranging
the loan.
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.
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.
Over Improved 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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