Oak
A course-grained hardwood used extensively in flooring, furniture, and trim.

OAR
Overall rate of capitalization is the percentage relationship of net operating income divided by the purchase price of property. Net operating income (NOI) of property relative to its market value. If rental income property worth $1,000,000 results in a NOI of $100,000, the overall return is 10%. NOI compared to the initial cost of the property as distinguished from its market price.

Obiter Dictum
Opinion of a judge having no direct legal or binding effect on the outcome of a pending judicial decision. An obiter dictum is considered to be an incidental judicial remark about some point that may or may not be directly relevant to the matter before the bench.

Obligatory
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default.

Obligee
The person to whom a debt or obligation is owed.

Obligor
The person responsible for paying a debt or obligation; one who has engaged to perform some obligation; one who has made a bond.

Oblique
Not parallel or perpendicular. Not having a right angle.

Oblique Drawing
A drawing showing an object as seen from the front at an angle.

Obsolescence
Loss of value due to reduced desirability and usefulness of a structure when the design and construction have become obsolete. Depreciation resulting from wear and tear from use and natural deterioration.

Obstruction
Blockage. A clog. Something that prevents passage or operation.

Obtuse Angle
An angle between 90 and 180 degrees.

Occlude
To close off. To block.

Occupancy
Residing in or using real estate.

Occupancy Agreement, Limited
An agreement that allows for occupancy of a premises, for a stated period of time if certain terms are met and is most often used to allow a prospective buyer to obtain possession, under a temporary arrangement, usually prior to closing.

Occupancy Level
The number of units currently occupied in a facility, neighborhood or city, stated as a percentage of total capacity.

Occupancy Rate
The number of units currently occupied in a facility, neighborhood or city, stated as a percentage of total capacity.

Occupancy Ratio
The ratio of rented or leased space to the total amount of space available.

Occupational Safety and Health Administration
Commonly referred to as OSHA, this government agency oversees safety in most places of work.

Octagon
An eight-sided polygon.

Octagon Box
An eight-sided box used in electrical work. Used as a junction box or to support outlets and fixtures.

Octahedron
An object with eight surfaces.

Off-center
Not centered. Situated off to one side.

Off-center Splice
A joint between structural members of different lengths.

Offer
An expression of willingness to purchase a property at a specified price; presenting for acceptance a price for a property parcel; the bid price in a real estate or security transaction.

Offer and Acceptance
These two requirements of a contract forming mutual consent combined with valuable consideration are the major elements of a contract.

Offer To Purchase
A proposal to buy property at a specified price whereupon the seller has the options of accepting or rejecting the offer or making a counteroffer.

Offeree
One who receives an offer.

Offerer
One who extends an offer to another.

Offering Statement
Prospectus. Document that must accompany a new issue of securities for a real estate company or partnership. It includes the same information in the registration statement, such as a list of directors and officers, financial statements certified by a CPA, underwriters, the purpose and use for funds, and other relevant information that prospective buyers of a security want to know.

Office Building
A structure primarily used for the conduct of business, such as administration, clerical services, and consultation with clients and associates. Such buildings can be large or small and may house one or more business concerns.

Office Condominium
The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each owner.

Office of Interstate Land Sales Registration (OILSR)
Division of the U.S. Department of Housing and Urban Development that regulates offerings of land for sale across state lines.

Office of Thrift Supervision (OTS)
Federal Agency created by FIRREA to regulate and supervise federally chartered Savings and Loan Associations. The OTS takes over the thrift regulatory duties exercised by the Federal Home Loan Bank Board prior to passage of the Act. This agency is part of the Treasury Department.

Office Park
A planned development specially designed for office buildings and supportive facilities, such as restaurants. Some office parks are designed to attract specific tenants such as medical services.

Offset
1. Compensation. Counterbalance.
2. A change from one to two axes.

Offset, 1/8-bend
A plumbing fitting used for positioning a pipe around an obstacle.

Offset Screwdriver
A screwdriver with a 90-degree bend, used to reach inaccessible places.

Offset Studs
A framing method. The studs are placed on alternating sides of the plate (which is wider than the studs) so that the drywall on each side is attached to a different set of studs.

Offset Wrench
A wrench where the head is offset at an angle to allow use in inaccessible locations.

Off-Site
Not on a construction site proper. In a different location. For example, utility lines are brought into a development from off-site.

Off-Site Costs
Expenditures related to construction but are not directly on the property in question.

Off-Site Improvements
The portions of a subdivision or development that are not directly on the lots to be sold but enhance them in some way.

Offset Statement
An occupant's expressed interest in property that is being rented.