Dictionary

Package Mortgage

Definition:   a loan covering both real and personal property Pronunciation:   \ˈpa-kij\ \ˈmȯr-gij\ Used in a Sentence:    When buying the restaurant we used a package mortgage to include the cooking equipment...

Owner Developer

Definition:    an unlicensed entity that sells, exchanges or leases its own property Pronunciation:   \ˈō-nər\ \di-ˈvel-lə-pər\ Used in a Sentence:    We worked directly with the owner developer of the...

Owners Policy

Definition:    title insurance issued for the total purchase price  of the property to protect the new owner against unexpected risks Pronunciation:   \ˈō-nərz\ \ˈpä-lə-sē\ Used in a Sentence:    We obtained...

Overimprovement

Definition:  an addition or change to property not in line with its highest and best use, or a betterment that exceeds that justified by local conditions Pronunciation:   \ˈō-vər-im-ˈprüv-mənt\ Used in...

Overall Rate (oar)

Definition:   the relationship between annual net operating income and the value or sale price of a property Pronunciation:   \ˌō-vər-ˈȯl\ Used in a Sentence:    Most licensees, appraisers and others prefer...

Overage

Definition:   retaining more than the agreed amount of sales commission, without the express knowledge and consent of the parties involved; a form of fraud Pronunciation:  \ˈō-və-rij, ˈōv-rij\ Used in a...