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| OBSOLESCENCE:
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| The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities. |
| OCCUPANCY :
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| A physical presence within and control of a property. |
| OCCUPANCY RATE :
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| The percentage of properties in a given area that are occupied. |
| OCTOPUS RECEPTACLE :
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| An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets. |
| OFF-SITE IMPROVEMENTS :
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| Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property. |
| OFF-STREET PARKING :
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| Designated parking spaces associated with a particular building or other structure which are not located on public streets. |
| OLD TERMITE ACTIVITY :
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| Where no termites are currently active, but indications of past activity can be seen. |
| ON-SITE IMPROVEMENTS:
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| Buildings, structures or other amenities that are erected on a piece of property and contribute to its value. |
| OPEN SPACE :
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| Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks. |
| OPEN SPLICE:
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| An uncovered electrical connection. |
| ORIGINAL EQUITY :
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| The amount of cash a home buyer initially invests in the home. |
| ORIGINATION FEE :
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| Refers to the total number of points paid by a borrower at closing. |
| OWNER FINANCING:
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| A transaction where the property owner provides all or part of the financing. |
| OWNER OCCUPIED:
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| The state of property wherein the owner occupies at least some portion of the property. |
