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REAL ESTATE DICTIONARY


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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.
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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.
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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.
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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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Brandon Roberts

DIRECT: 702.813.5982


© 2018 Las Vegas Homes. Equal housing opportunity. An equal opportunity company. MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.   Listings updated 4/20/2018 minutes ago