Glossary of Terms
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| OFFER AND ACCEPTANCE | |
| The basic requisite of any contract is a proposal by one party, called the offeror, to another party, called the offeree, to accept the basic terms of the Agreement. If the offeree indicates assent to the proposal, there is an acceptance and the contract will bind both parties to its terms. | |
| OPEN LISTING | |
| A listing given to any number of brokerages without liability to compensate any except the one who first acquires a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer; the sale of the property automatically terminates the listing. | |
| OPTION | |
| A right given by the owner of property to another (for valuable consideration) to buy certain property within a limited time at an agreed price. | |