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10 Cards in this Set
- Front
- Back
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OBSOLESCENCE
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-FUNCTIONAL-A DEFECT IN THE STRUCTURE OR DESIGH OF A PROPERTY
-ECONOMIC-A LOSS IN VALUE DUE TO CAUSES WITHIN A NEIGHBORHOOD |
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OFFER AND ACCEPTANCE
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"A MEETING OF THE MINDS" TWO VITAL ELEMENTS OF A VALID CONTRACT
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ONSITE IMPROVMENT
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ANY IMPROVEMENT TO PROPERTY THAT IS CONTAINED WITHIN THE BOUNDRIES OF THE PROPERTY
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OPENED MORTGAGE
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A MORTGAGE LOAN THAT CAN BE INCREASED BACK TO ITS ORIGINAL AMOUNT
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OPEN LISTING
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COMMISSION EARNED BY BROKER WHO IS PROCURING CAUSE OF THE SALE
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OPINION OF TITLE
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OPINION MADE BY AN ATTORNEY AS TO THE STATUS OF THE TITLE OF A PARCEL OF REAL PROPERTY-NOT A GUARANTEE OF TITLE
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OPINION OF VALUE
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AN APPRAISERS ESTIMATE OF THE WORTH OF PROPERTY-ALSO KNOWN AS AN "APPRAISAL"
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OPTION
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AN AGREEMENT TO SELL OR PURCHASE A PROPERTY FOR A GIVEN PERIOD OF TIME AND FOR A GIVEN PRICE
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ORAL CONRACT
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VERBAL AGREEMENT WITHOUT WRITTEN FORM-NOT USED OR ENFORCABLE IN REAL ESTATE TRANSACTIONS
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OVERIMPROVEMENT
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AN IMPROVMENT THAT IS NOT THE HIGHEST AND THE BEST USE OF THE SITE LOCATED
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