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Obsolescence
Obsolescence Impairment of desirability and usefulness brought about by changes in the art, design or process or from external influencing circumstances that make a property less desirable and valuable for a continuity or use.
RELATED TERMS--------------------------------------
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Use
The specific purpose for which a parcel or a building is intended to be used or for which it has been designed or arranged.
SIMILAR TERMS--------------------------------------
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One year ARM refinance
A 1-year ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for one year, and thereafter has an adjustment interval of one year.
Obedience
The fiduciary relationship obligates the agent to act in good faith at all times, obeying the principal's instructions in accordance with the contract. However, that obedience is not absolute.
Obligatory advance
Any advance which, under the terms of the credit line deed of trust or other agreement, the secured party has legally obligated itself to make in the absence of a default, breach, or other such event.
Obligee
The person who will receive the outcome of an obligation.
Obligor
An individual who has engaged to perform an obligation to another person (i.e., obligee).
Obsolescence
OCC
Percent occupancy of the motel, i.e.: number of rooms rented vs. the number of rooms available, calculated on a yearly percent basis.
Occupancy cost
Charge to tenant, pursuant to its lease, such as rent, operating expense increases, parking charges, moving expenses, remodeling costs, etc.
Occupancy permit
A permit issued by the appropriate local governing body to establish that the property is suitable for habitation by meeting certain safety and health standards.
Occupational Safety and Health Act (OSHA)
Congress created OSHA under the Occupational Safety and Health Act, which was signed by President Richard M. Nixon on December 29, 1970. OSHA's mission is to prevent work-related injuries, illnesses and deaths.
Odd and even years
(Relating to Time-Shares) Timeshare ownership usage every other year - some odd-numbered, some even.
This dictionary contains 6433 terms. |
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