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.
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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