Real Estate Glossary "O"

obsolescence - Loss of value owing to being outmoded or less useful.

occupancy permit - Issued by a local government body to establish that a property is suitable for habitation because it meets local safety and health standards.

Office of the Comptroller of the Currency (OCC) - A government office responsible for monitoring and regulating the nationally chartered banking industry.

Office of Thrift Supervision (OTS) - An agency that is part of the Department of the Treasury and respon­sible for monitoring and regulating thrifts.

oil and gas lease - A lease under which a property owner receives rent from a company for allowing it to drill for oil and gas on the property.

open-end loan - A loan arrangement whereby the mortgagor may borrow additional money up to the orig­inal amount of the loan using the same property as collateral.

open listing - Listing in which the seller employs any number of brokers at the same time but owes a commission only to the broker who sells the property.

ordinary life estate - An estate based on the tenant's life.

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