Real Estate Dictionary

O

objective value: the actual value measured in dollars of an aspect of construction or location.

offer and acceptance: two essential components of a valid contract.

open-end mortgage: a mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.

open listing: a listing contract under which the broker's commission is contingent on the broker's producing a ready, willing, and able buyer before the property is sold by the seller or another broker.

option: the right to purchase property within a definite time at a specified price.

origination fee: See loan origination fee.

ostensible agency: a form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.

owelty: the difference paid or secured by one cotenant to another for the purpose of equalizing a partition of asserts.