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offer and
acceptance |
The two components of a valid contract; a “meeting of the minds.”
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|
one
hundred percent commission plan |
A
salesperson compensation plan whereby the salesperson pays his or her
broker a monthly service charge to cover the costs of office expenses
and receives 100 percent of the commissions from the sales that he or
she negotiates.
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| open-end mortgage |
A mortgage loan that is expandable
by increments up to a maximum dollar amount, all of which is secured by
the same original mortgage.
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| open listing |
A listing contract under which the
broker’s commission is contingent upon the broker’s producing a ready,
wiffing, and able buyer before the property is sold by the seller or
another broker.
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| open market |
An economic model that allows the
price of a commodity to respond freely to the forces of supply and
demand.
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| option |
An agreement to keep open for a set period
an offer to sell or purchase property.
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| oriel window |
An oriel window projects from the wall
and does not extend to the ground. Oriel windows originated as a
form of porch. They are often supported by brackets or
corbels. Buildings in the
Gothic Revival style often have oriel windows.
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|
Origination Fee |
a fee paid by a borrower to a lender for preparation of a loan,
usually expressed as 1% of the loan amount. May be included as "points"
and is a standard charge for most home mortgage loans, typically paid at
closing. |
