Monday, April 29, 2024, 3:28 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
O
OFFERA promise by one party to act in a certain manner provided the other party will act in the manner requested. In a real estate sales contract, the offer to purchase realty according to certain stipulated terms and conditions. |
OLOGRAPHIC - Civil Law TermA will which is entirely in writing of the testator. |
OPEN END MORTGAGEA mortgage containing a clause which permits the mortgagor to borrow additional money up to the original amount of the loan after the loan has been reduced, without rewriting the mortgage. |
OPEN LISTINGA listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing. |
OPTIONA right given for consideration to purchase or lease a property upon specified terms within a specified time. |
OPTIONEEThe one obtaining the option right. |
OPTIONORThe one granting the option to another. |
ORDINANCEA legislative enactment of a city or county, such as zoning. |
ORDINARY PROCESS - Civil Law TermThe normal (as opposed to the executory) process of court action, with delays, appeals, and requests for more evidence. |
OWNERSHIPThe condition of having the right to possess, use and dispose of property. |