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What Does OT Stand for in Real Estate in the US?

In the realm of real estate, there are numerous terms and acronyms that can be confusing for both seasoned professionals and newcomers alike. One such acronym that often leaves people scratching their heads is "OT." So, what does OT stand for in real estate in the US? Let's dive into this topic and shed some light on its meaning and relevance in the industry.

OT stands for "Other Type" in the context of real estate. It is a classification used to categorize properties that do not fall into the conventional residential, commercial, or industrial types. These properties may include recreational facilities, religious buildings, educational institutions, and more. The OT classification helps streamline property searches and provides a clear distinction for unique properties that require specific attention.

In the US real estate market, the OT classification plays a crucial role in ensuring accurate and efficient property listings. By categorizing properties under OT, real estate agents, buyers, and sellers can easily identify and target their search parameters. For instance, if someone is looking to purchase a church building or a warehouse for conversion into a recreational center, they can narrow down their search by specifying the OT category.

The OT classification also serves as a valuable resource for real estate investors and developers.

R/O: Resident Occupied.

What does LS stand for in real estate?

An abbreviation for "Locus sigilli", the place of the seal. At one time, individuals had seals, and documents were invalid unless the seal was affixed. Modernly, signatures are notarized and only corporations, in certain circumstances, must affix a seal.

Can abbreviations be used in real estate advertising?

In addition to industry-specific terms, acronyms are commonly used in both real estate transactions and listings. Knowing what they mean and how to use them to your advantage gives savvy investors an edge in the competitive market.

What does LS mean on a lease?

Legal documents requiring a signature sometimes also contain the word Seal, seal in brackets [Seal], or the Latin words, Locus Sigilli or [L.S.] near the signature line.

What is the abbreviation for estate?

C1 Street Suffix Abbreviations

Primary Street Suffix NameCommonly Used Street Suffix or AbbreviationPostal Service Standard Suffix Abbreviation

What is the abbreviation for real estate?

Real Estate Acronyms - Alphabet Soup

ABRAccredited Buyer Representative, a certification of NAR for buyer representation
MLSMultiple Listing Service
MVPMember Value Plus reward program for members and associations to take specified NAR actions and in doing so earn a reward
NARNational Association of REALTORS®

What is the abbreviation for bedroom and bathroom?

– Apartment • BR – Bedroom. You will usually see this preceded by the number of bedrooms, e.g. 3BR which is an apartment with 3 bedrooms. BA – Bathroom. You will usually see this preceded by the number of bedrooms, e.g. 2BA which is an apartment with 2 bathrooms.

Frequently Asked Questions

What is AP and L in real estate?

Profit and loss statements provide an investor with a snapshot of the income (or loss) a rental property is generating over a specific period of time. Some of the most common profit and loss statements used by real estate investors include: Monthly. Reports the income or loss from a rental property for a given month.

What are the abbreviations for real estate?

So, let's spell out exactly what these common real estate lingo and acronyms mean and why they are important.
  • MLS or Multiple Listing Service.
  • FSBO or For Sale by Owner.
  • PITI or Principal, Interest, Taxes, and Insurance.
  • ROI or Return on Investment.
  • GRI or Gross Rental Income.
  • FMV or Fair Market Value.
  • LTV or Loan-to-Value.

What are the disadvantages of a life estate deed?

Cons of a Life Estate Deed
  • Lack of control for the owner.
  • Property taxes, which remain for the life tenant until their death.
  • It's tough to reverse.
  • The owner is still vulnerable to any debt actions that may be brought against the future beneficiary or remainderman.

What is the legal abbreviation for advertising?

§ 4-100. Words Abbreviated in Case Names

Account or Accountant or AccountingAcct.«e.g.»
Administrative or AdministrationAdmin.«e.g.»
Administrator or AdministratrixAdm'[r,x]«e.g.»

What are the initials for real estate?

So, let's spell out exactly what these common real estate lingo and acronyms mean and why they are important.
  • MLS or Multiple Listing Service.
  • FSBO or For Sale by Owner.
  • PITI or Principal, Interest, Taxes, and Insurance.
  • ROI or Return on Investment.
  • GRI or Gross Rental Income.
  • FMV or Fair Market Value.
  • LTV or Loan-to-Value.

What does M mean in MLS?

A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another's listings of properties for sale with the goal of connecting homebuyers to sellers.

What does K mean in MLS?


Pending (P): The seller has accepted an offer and is not soliciting offers through the MLS. Any Marketing or Advertising of the property while in Pending status will not be considered a violation. Canceled (K): The listing agreement has been canceled. Expired (X): The listing agreement has expired.

Is it better to cancel or withdraw a listing?

Canceled means that the Contract is no longer Active, or the Listing is not qualified to be listed on the MLS. Withdrawn is a temporary Off-Market Status. This means that the listing is no longer being shown on the MLS, but an Active Contract still exists between the seller and Listing Agent.

What are the three most important words in real estate?

There is an old adage, that the three most important words in real estate are 'Location, Location, Location'.

What is the difference between pending and under agreement?

Sale pending: What's the difference? While “under contract” typically means there are still contingencies left to clear, pending status usually means all contingencies have been met and the deal is on its way to closing.

What does active with option mean?

An active option contract means the seller has accepted an offer on their home and the property is now in the option period. During this time, the buyer has the unrestricted right to terminate the contract for any reason without risking their earnest money deposit.

What does active RFR mean on MLS?

Definition of Active - First Right

This is also known as a Right of Refusal. This is sometimes done when buyers must first sell their current home before they can commit to buying the seller's home. For example, Bob wants to buy Sally's home, but needs to sell his own home first.

What are the 5 main categories of real estate?

Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. There are five main categories of real estate which include residential, commercial, industrial, raw land, and special use.


What is CR in real estate?

• Disclosure and Consent, Representation Of More Than One Buyer Or Seller – DA. • Statewide Buyer and Seller Advisory – SBSA. • Contingency For The Sale Or Purchase of Other Property – COP. • Contingency Removal – CR.

What does the abbreviation CR mean?


In double-entry accounting, CR is a notation for "credit" and DR is a notation for debit. Credit is a term used to mean "what is owed," and debit is "what is due."

What does TT stand for in real estate?

REO – real estate owned. ROI – return on investment. TT - transfer tax.

What is the full form of CP in real estate?
Authorized Channel Partner(CP) is a RERA registered and experienced real estate consultants who Promote/Market builder's projects. They help home buyers choose a home which meets their requirements and help them make a wise decision because they work with multiple builders and can help you in good price negotiation.

What does CR mean in price?


CR in financial terms means credit. So to answer the question what is CR in Bank Statement, CR when placed beside a monetary amount in a bank statement means that there has been a credit of money in the bank account. This means that money has been added to the account.

What is AP in real estate?

Accounts Payable for Job Cost Accounting and Real Estate: Uploading of bills to Nexus or other AP Systems. Indexing bills in Nexus or other AP systems. Review and coding, if necessary, of all invoices entered by the site.

What is an example of appurtenant?

Common examples of appurtenances are driveways, drainage ditches, fences, and rights of way.

What is anything appurtenant to the land?

Appurtenances also include rights to natural resources found in the land, such as water, minerals, or oil, as well as improvements to the property and easements. Property rights are typically sold with the home and include appurtenances.

What is the use of appurtenant?

Appurtenant refers to rights or restrictions that run with the land. The term is generally used in the context of easements or covenants, and is distinguished from rights or restrictions in gross, which only benefit or burden a particular person.

What does AP mean in selling?

A company's accounts payable (AP) ledger lists its short-term liabilities — obligations for items purchased from suppliers, for example, and money owed to creditors. Accounts receivable (AR) are funds the company expects to receive from customers and partners. AR is listed as a current asset on the balance sheet.

What does LM mean in real estate?

There is established and added to the zones heretofore established in this title a zone to be designated L-M limited manufacturing zone.

What does H mean on MLS?


The seller/lessor is soliciting offers through the MLS, however, because of various reasons such as repairs, illness, guests, etc., the seller/lessor has requested that temporarily there be no showings.

What does ot stand for in real estate

What does MLS stand for?

Multiple Listing Service

Multiple Listing Service (MLS): What Is It

An MLS is a private offer of cooperation and compensation by listing brokers to other real estate brokers. In the late 1800s, real estate brokers regularly gathered at the offices of their local associations to share information about properties they were trying to sell.

How does an MLS work?

Multiple listing services (MLS databases) are created and maintained by cooperating real estate professionals to share information about properties on the market. This data usually includes details such as the listing price, bedrooms, bathrooms, square footage and other similar data points relevant to potential buyers.

What does BSF mean in real estate?

BSF: Base Semi Finished – Building sub area code found on a property record card. May or may not be part of the main living area of a residence but can either be an addition or conversion of an existing component; close to the same structural integrity and quality of the Base.

What does BSF stand for in construction? Building Safety Fund (BSF)

What does BSF stand for slang?

Best friend

BSF is textspeak and internet slang for best friend. Others, however, may know it as short for Bible Study Fellowship, India's Border Security Force, the Venezuelan currency the Strong Bolivar, and the German reality TV series Bauer sucht Frau (Farmer Seeks Wife).

What is the difference between net rentable Square Feet and gross Square Feet?

Gross square footage (GSF) is the total space a building takes up. It includes all of the area inside the building including unusable space between walls. Net square footage (NSF) includes only the areas of the building that are accessible by the user or tenant.

What does the abbreviation POM stand for?

(pi oʊ ɛm) or prescription only medicine. abbreviation. (Pharmaceutical: Administration) The abbreviation POM on the label of a medicine tells you that the medicine is only available if a doctor prescribes it. POMs are only available with a prescription issued by a doctor.

What is POM in real estate?

Session 06 - The Private Offering Memorandum (POM) - Flipping Property | Real Estate Flipping Course.

What does POM mean corporate?

POM: production/operations management.

What is POM in finance? Purchase Order Management (POM) | FCI.

How does the POM process work?

During the POM cycle, planning decisions, programming guidance, and congressional guidance are changed into a detailed allocation of resources or funding to show how the Services and Defense Agencies want to balance their allocation of available resources.

What does status t mean on MLS?

The MLS Rules define the TOM status as: Listings of property in which the Seller has requested the Participant to: • temporarily suspend the marketing of the property, AND • not set appointments for showings, while the listing contract between the Participant and the Seller remains in effect. WHAT DOES THAT MEAN?

  • What does SLC mean in MLS?
    • SLC = Special Listing Condition.

  • What is a real estate term starting with L?
    • Lien: A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don't make the mortgage payments.

  • What is UA in real estate?
    • Under Agreement (or UAG): The seller of this property has an accepted offer, they've signed, and it is a legally binding agreement.

  • What does UGS mean in real estate?
    • The relationship between urban green spaces (UGS) and residential development is complex: UGS have positive and negative immediate impacts on residents' well-being, residential location choice, housing, and land markets.

  • What does SF mean in real estate?
    • In the commercial leasing industry, $/SF/year or $/SF/yr means the rent per square foot per year. Why is this important? This is because most commercial rental rates are usually quoted in dollars per square foot on an annual basis.

  • What does SF RBA mean in real estate?
    • Rentable Building Area

      Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Q. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner.

  • What is the abbreviation UA?
    • Unauthorized Absence, a key term for the abandonment of a duty or post without permission (United States) Future Force Unit of Action, a proposed US Army tactical unit.

  • What does DDP mean in real estate?
    • Buyers and sellers of real estate assets may not be completely aware of the tasks that are necessary to fully analyze and evaluate a property during the “due diligence period.” The due diligence period plays an important role in real estate, and involved parties should be familiar with the basic concepts, otherwise

  • Why is DDP not a good idea for the seller?
    • Larger responsibility on shoulders of seller

      Delivery Duty Paid (DDP) puts the larger part of the obligations on the shoulders of the seller and a minimum on the buyer. That makes the seller responsible for delivering the goods and therefore paying duties and taxes related to importing the goods.

  • What is DDF in real estate?
    • Data Distribution Facility

      Data Distribution Facility (DDF®) Overview

      Participating brokerages and salespeople can access a dashboard on REALTOR Link® to indicate where they want to send their listing information and how much information they want to send.

  • Who pays for DDP?
    • The seller

      Under the Delivered Duty Paid (DDP) Incoterm rules, the seller assumes all responsibilities and costs for delivering the goods to the named place of destination. The seller must pay both export and import formalities, fees, duties and taxes.

  • Who pays taxes with DDP?
    • In a DDP agreement, the seller of the goods is responsible for all shipping costs, as well as customs clearance fees, import duties, and VAT. Essentially, the seller pays for all fees associated with getting the goods to the buyer.

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