Real Estate Glossary
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observed condition method
offer and acceptance
Office of Thrift Supervision (OTS)
The Office of Thrift Supervision (OTS) is the primary federal regulator of federally-chartered and state-chartered savings associations, their subsidiaries, and their registered savings and loan holding companies. OTS was established as a bureau of the U.S. Department of the Treasury on August 9, 1989, and has five regional offices located in Jersey City, Atlanta, Chicago, Dallas, and San Francisco. OTS is funded by assessments and fees levied on the industry it regulates.
Open buyer agency
also known as a nonexclusive listing, the seller retains the right to employ any number of brokers as agents. The seller is only obligated to pay a commission to the broker who successfully produces a ready, willing, and able buyer. If the seller personally sells the property without to aid of any brokers, the seller is not obligated to pay a commission.
This is a projection of the income to be derived from the operation of the property and the expenses necessary to operate the property over a one year period. If the property is new, income is based on anticipated revenues and expenses.
A listing with a provision that gives the listing broker the right, but not the obligation, to purchase the listed property within a certain time.
the individual who receives the option in an option contract.
Example: A builder wants to assemble several pieces of land and receives options from all the homeowners involved before he actually purchases the properties. The builder is the optionee.