Real Estate Glossary "O"
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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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