| Real Estate Dictionary - O Terms |
 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.
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