Free Real Estate Vocabulary Flashcards

Pass the real exam by knowing all of the vital real estate vocabulary terms that are crucial to passing the real estate licensing examination. Study all of the important real estate glossary terms and definitions, and pass with confidence!

Oakum

A fiber used as a caulking, made by pulling apart hemp or rope

Oath

An attestation by a person which binds him or her legally and morally Usually attesting to the truth of something, as an affidavit, or …

Objective Intent

What the offeror in a transactionsays and does Compare: Subjective Intent

Obligation Bond

A bond secured by a mortgage but over the mortgage amount It creates a personal obligation on the part of the mortgagor

Obligee

One to whom an obligation (promise) is owed See also: Obligor

Obligor

One who legally binds (obligates) oneself, such as the maker of a promissory note

Observable Depreciation

Any loss of value anappraiser attributes to physical deterioration,functional obsolescence, or economicobsolescence

Obsolescence

An appraisal term meaning that the age of a structure may cause it to become undesirable in use or appearance (old fashioned) and consequently …

Occupancy

With reference to land, the word has become synonymous with possession

Occupancy Rate

The percentage of space or units rented Opposite of Vacancy Rate

Off-Site

Not on the property to be sold For example: The developer of a housing tract sells only the house and lot, but must build …

Off-Site Costs

The cost of off-site improvements