O words

Question 1

Objective Value

Answer 1

What something is worth when there is a reasonably prudent seller and a reasonably
prudent, willing and able buyer, and all else remains equal without coercion and transacted at arm’s
length.

Question 2

Option

Answer 2

A right given for a consideration to purchase or lease a property upon specified terms within a
specified time, without obligating the party who receives the right to exercise the right.

Question 3

Optionee

Answer 3

A person who receives an option.

Question 4

Optionor

Answer 4

A person who gives an option.

Question 5

Ordinances

Answer 5

A law passed by a municipal government.

Question 6

Ordinary Income

Answer 6

Income earned from providing services or the sale of goods (inventory)

Question 7

Ostensible Agency

Answer 7

A person who has been given the appearance of being an employee or acting (an
agent) for another (principal), which would make anyone dealing with the ostensible agent reasonable
believe he/she was an employee or agent.

Question 8

Ostensible Authority (apparent authority)

Answer 8

That authority which a third person reasonably believes an

agent possesses because of the acts or omissions of the principal.

Question 9

Over‐Improvement

Answer 9

An improvement which is not the highest and best use for the site on which it is
placed by reason of excess size and cost.

Question 10

Ownership in Severalty

Answer 10

Title to real property held in the name of only one person.