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O-ring

A small rubber ring that provides a water seal in faucets and other plumbing fittings.

online real estate listings

Properties that are listed for sale on the internet.

open house

A marketing tool where a listing agent schedules an open house for the public to drop in to view the property without an agent or an appointment.

open listing

A property with a number of brokers marketing it at the same time.

open space

Undeveloped areas reserved for parks, walking paths or other natural used in a planned community.

option

A situation where a buyer puts a sum of money down for the right to purchase a property within a specified time period, but does not have an obligation to purchase it.

option listing

A listing agreement that contains a clause giving the listing broker the right to purchase the property.

oral agreement

Contractual arrangements that are not done in writing and are usually not legally binding.

orange peel

A wallboard finish that has a texture much like an orange peel.

oriented-strand board

An inexpensive manufacture wood panel that is typically sold in 4-foot or 8-foot size and used for roof and wall sheathing. Also known as OSB.

original principal balance

The amount of principal that is owed on a loan before the borrower makes any payments.

origination fee

The fee that is charged by lenders to cover the direct costs of arranging a loan; also called points.

ostensible agency

An agency relationship that does not involve a written agreement or documentation.

outbuilding

A structure that is located on a property in addition to the house or other main building.

overflow plate

A small plate that is installed to cover an outlet that is situated near the rim of a sink or tub.

overflow prevention switch

An air-pressure switch in a dehumidifier that turn the unit off when the water in the reservoir reaches a certain level.

overhang

A protruding structural feature.

overimproved property

Property that was not sold at a price high enough to recoup the cost of improvements.

owner financing

A transaction in which the seller of a property agrees to finance all or part of the purchase.