Real Estate Terms - O

Listings

	Offer A presentation to form a contract or agreement.
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	One-year ARM An adjustable-rate mortgage in which the interest rate is allowed to change every year.
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	Open listing An authorization given by an owner to a real estate agent to sell the owner's property. Open listings may be given to more than one agent without liability, and only the one who secures a buyer on satisfactory terms gets paid a commission.
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	Operating expenses Expenses relevant to income producing property, such as taxes, management, utilities, insurance, and other day-to-day costs.
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	Option A right given, for consideration, to purchase or lease property upon stipulated terms within a specific period of time.
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