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!

Open Housing

Housing made available to persons without regard to race, religion, sex, color, or national origin

Open listing

A listing contract under which the broker’s commission is contingent on the broker producing a “ready, willing, and able” buyer before the property is …

Open Mortgage

A mortgage that can be prepaid without penalty See: Or More Clause

Open Space Land

Land used for agriculture, recreation, scenic beauty, natural resources, water shed, or wild life, and so designed on a map

Open Space Ratio

Ratio of land area to floor area of an apartment building Used in zoning requirements

Open-end mortgage

A mortgage loan expandable by increments up to maximum dollar amount, all of which is secured by the same original mortgage

Operating Budget

A budget created to projectthe income and expenses for a property over aone-year period

Operating Expense Ratio (Oer)

The ratio of operating expenses to effective gross income The percentage derived from the ratio can be used by an appraiser to determine if …

Operating Expenses

The cost of operating an income producing property, such as management, utilities, and similar day to day expenses, as well as taxes, insurance, and …

Operating Statement

Document that illustratestotal revenues generated for a given periodbased on rent rolls and management style

Operation Of Law

The fixing of rights and duties by law rather than by agreement of the parties involved Examples would include Intestate Succession, certain types of …

Opinion Of Title

See: Abstract of Title