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.
Open Listing - A listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing, and able to meet the terms of the listing.
Ordinance - A legislative enactment of a city or county, such as zoning.
Origination Fee - A fee or charge for work involved in evaluating, preparing, and submitting a proposed mortgage loan. The fee is limited to 1 percent for FHA and VA loans.
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