Obsolescence - Functional obsolescence or lack of desirability in terms of layout, style and design as compared with that of a new property serving the same function; economic obsolescence or a loss in value from causes in the neighborhood, but outside the property itself.

Offer – A promise by one party to act in a certain manner provided the other party will act in the manner requested. In a real estate sales contract the offer to purchase realty according to certain stipulated terms and conditions.

Ohana Zoning – Amends the Comprehensive Zoning Code by permitting a second dwelling unit on certain residentially zoned lots, thus providing immediate and less expensive housing alternatives.

Open-End Mortgage – A mortgage containing a clause which permits the mortgagor to borrow additional money up to the original amount of the loan after the loan has been reduced, without rewriting the mortgage. Not to confuse with open mortgage, which is any mortgage with no payment penalty.

Option – A right given for consideration to purchase or lease a property upon specified terms within a specified time. Purchaser is the optionee.

Ordinance – A legislative enactment of a city or county, such as zoning.

Over Improvement – An improvement which is not the highest and best use for the site on which it is placed, usually by reason of excess size or cost.