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Real estate glossary


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Term Definition
OBSOLESENCEThe process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
 
OCCUPANCYA physical presence within and control of a property.
 
OCCUPANCY RATEThe percentage of properties in a given area that are occupied.
 
OCTOPUS RECEPTACLEAn outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.
 
OFF-SITE IMPROVEMENTSBuildings, 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 PARKINGDesignated parking spaces associated with a particular building or other structure which are not located on public streets.
 


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