| Term | Definition |
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| Online real estate listings | Properties listed for sale on the Internet.
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| Open house | A marketing tool in which a listing agent opens a house for view.
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| Open listing | A property given to a number of brokers to market at the same time.
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| Open space | Undeveloped land orcommon areas in a planned community reserved for parks, walking paths or other natural uses.
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| Option | A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy.
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| Oral agreement | Contractual arrangements that are not in writing and are usually not legally binding.
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| Original principal balance | The amount of principal owed on a loan before a borrower makes any payments.
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| Origination fee | A fee charged by most lenders--also called points--for processing a loan. A point is one percent of the total loan amount.
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| Overhang | A protruding structural feature.
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| Owner financing | A transaction in which the seller of a property agrees to finance all or part of the purchase.
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