Property and real estate glossary
There are 150 entries in this glossary.O
| Term | Definition |
|---|---|
| OBSOLESENCE |
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities. |
| OCCUPANCY |
A physical presence within and control of a property. |
| OCCUPANCY RATE |
The percentage of properties in a given area that are occupied. |
| OCTOPUS RECEPTACLE |
An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets. |
| OFF-SITE IMPROVEMENTS |
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 |
Designated parking spaces associated with a particular building or other structure which are not located on public streets. |
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