Glossary of terms used on this site
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| Term | Definition |
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| Obsolescence |
A decline in property value due to reduced desirability or usefulness because its design and construction have become out dated or there are cheaper alternatives but it is not do to physical deterioration.
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| Occupancy Rate |
The percentage of all rental units (as in hotels or mini storage) that are occupied or rented at a given time
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| Office Park |
A planned development specifically designed for office buildings and supportive facilities, such as day care centers and restaurants.
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| Open House |
A planned event where prospective buyers come to view and inspect a house without the need for an appointment.
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| Operating Expenses |
The annual expenses associated with operating a business or maintaining a property such as rent, property taxes, employee salaries and wages, maintenance and utilities.
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| Option |
A right, given for a consideration, to purchase or lease a property, upon specified terms and within a specified time period, and placing no obligation on the party receiving the option to purchase the property.
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| Owner Financing |
A type of financing in which the seller of a tangible item accepts a promissory note as a portion of the purchase price. This is also often called seller financing.
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