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Ma Real Estate O

Terms & Definitions O

Obedience That part of the law of agency, that requires that an agent follow the principal's direction. (Requirement to violate the law is excluded.)
Offer A promise by 1 party to act in a specified manner providing a second party acts in the manner requested.
Offeree Party receiving an offer from another party (buyer or seller).
Offeror Party extending an offer to another party (buyer or seller).
Open-End Mortgage A loan that is expandable by increments but with a total, that does not exceed original limits. The total secured by 1 mortgage.
Open Listing A type of listing where 2 or more brokers are given a listing. The selling broker receives the total commission. The seller retains the right to sell.
Operating Reserve Reserve fund commonly established, when new condominiums are formed (new or conversion). Typically 2 or 3 month’s condo fee, and used to provide initial operating capital for maintenance and repairs. Often combined with normal operating funds once project is fully sold, and unit owners have taken over management. Not to be confused with capital reserve.
Opinion of Value An estimate of property value by a real estate broker or salesperson, does not require appraisers’ license.
Option An agreement to keep an offer to purchase or to sell open for some period of time. The party agreeing to the option terms (usually the seller) is bound by the option, but not the party making the option offer (usually the buyer).
Option Listing A listing to sell property, where the broker retains the right to purchase the property.
Overimprovement An improvement that based on cost exceeds the highest and best use. EXAMPLE: A $400,000 house built in a $200,000 neighborhood, or a $50,000 kitchen that only increases value of home by $30,000.
Created by: sunaecm4