Glossary

OCCUPANCY: How much of a physical presence within and control of a property.

OCCUPANCY RATE: This is the percentage of properties in a given area that are occupied, commonly used with vacation rentals.

OCTOPUS RECEPTACLE:   This is an outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.

OFF-SITE IMPROVEMENTS: These are 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: These are designated parking spaces associated with a particular building or other structure which are not located on public streets.

OLD TERMITE ACTIVITY: When a Termite Company determines no termites are currently active, but indications of past activity can be seen.

ON-SITE IMPROVEMENTS: Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.

OPEN SPACE: When any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks, owned by municipalities or private homeowner associations.

OPEN SPLICE: This is an uncovered electrical connection.

ORIGINAL EQUITY: This is the original amount of cash a home buyer initially invests in the home.

ORIGINAL PRINCIPAL BALANCE: This is the actual amount of principal owed on a mortgage loan at the time of closing.

ORIGINATION FEE: This is what a lender charges in reference to the total number of points paid by a borrower at closing.

OWNER FINANCING: This is a transaction where the property owner (seller) provides all or part of the financing.

OWNER OCCUPIED: This is when the owner occupies at least some portion of the property.