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| Objective - The quality of being definable by specific criteria without the need for judgment. Quantitative variables are objective. |
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| Observation - One recording or occurrence of the value of a variable, for example, one sale ratio among a sample of sales ratios. |
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| Observed condition breakdown method - A method for estimating total depreciation intuitively, in the aggregate by, for example, specifying percent good. |
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| Obsolescence - A kind of depreciation. See also economic obsolescence and functional obsolescence. |
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| Off-line equipment - Computing machinery not under the direct control of the computer's central processing unit. |
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| On-line - See interactive . |
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| Open market - A freely competitive market in which any buyer or seller may trade and in which prices are determined by competition. |
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| Operating expenses - Expenses necessary to maintain the flow of income from a property. These are deducted from effective gross income to obtain net operating income, which is then capitalized in the income approach top obtain an indication of market value. Such expenses generally include the costs of property insurance; heat, water, and other utilities; repairs and maintenance; reserves for the replacement of such items as heat and air-conditioning systems, water heaters, built-in appliances, elevators, roofing, floor coverings, and other items whose economic life will expire before that of the structure itself; management; and other miscellaneous items necessary to operate and maintain the property. Not considered operating expenses are depreciation charges, debt service, income taxes, capital improvements, and personal or business expenses of the owner. In addition, for assessment purposes property taxes are usually treated as an adjustment to capitalization rate rather than an expense item. |
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| Opportunity </strong><strong> cost - The principle that the cost of a resource for one use is the value of the resource in its best alternative use. |
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| Optical character recognition - The ability of some kinds of computing machinery to translate a written symbol, such as a handwritten number or a letter typed on one of a few standard typewriters, into electrical pulses process by the rest of the machinery, thereby avoiding the necessity for keypunching. |
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