IMPLIED CONTRACT
created by actions but not necessarily written or
spoken.
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IMPLIED WARRANTY one that is not
written but exists under the law. Contrasted with
"expressed."
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IMPROVED LAND land that has some
improvements. Land that has been partially or fully
developed for use.
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IMPROVEMENT RATIO the relative value
of improvements to the value of unimproved property.
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IMPROVEMENTS those additions to
raw land, such as buildings, streets, sewers, etc.,
tending to increase value.
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IMPOUND ACCOUNT a fund set aside
for future needs.
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IMPUTED INTEREST implied interest.
In a mortgage that states an insufficient interest
rate, the law will impute the rate is higher, and
the principal is less
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INCHOATE unfinished, begun but not
completed. In real estate. this can apply to (lower
or curtesy rights prior to the death of a spouse.
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INCOME the money or other benefit
coming from the use of Property, skill, or business.
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INCOME APPROACH a method appraising
real estate based on the property’s anticipated
future income.
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INCOME MULTIPLIER the relationship
of price to income.
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INCOME PROPERTY real estate that
generates rental income.
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INCOME STREAM a regular flow of
money generated by a business or investment.
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INCOMPETENT one not legally capable
of completing a contract. Includes the mentally ill,
minors, and others considered incapable.
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INCORPORATE 1. to form a corporation
under regulations provided by the Secretary of State.
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INCORPOREAL PROPERTY legal interests
in real property that do not entail the right of possession.
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INCURABLE DEPRECIATION a defect
that cannot be cured or that is not financially practical
to cure; a defect in the "bone structure"
of a building. Compare curable depreciation.
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IOEMNIFY I - to protect another
person against loss or damage. 2. to compensate a
party for loss or damage.
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INDENTURE a written agreement made
between 2 or more persons having different interests.
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INDEPENDENT APPRAISAL a value estimate
provided by someone who does not participate in the
income or value of the property.
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INDEPENDENT CONTRACTOR a contractor
who is self-employed.
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INDEPENDENT FEE APPRAISER one who
estimates the value of property, has no interest in
the property, and is not associated with a lending
association or other investor.
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INDEX 1. a statistic that indicates
some current economic or financial condition. Indexes
are often used to make adjustments in wage rates,
rental rates, loan interest rates, and pension benefits
set by long-term contracts. 2. to adjust contract
terms according to an index..
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INDEXED LOAN a long-term loan in
which the term, payment interest rate, or principal
amount may be adjusted periodically according to a
specific index. The index and the manner of adjustment
are generally stated in the loan contract.
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INDEX LEASE a rental agreement that
requires changes in rent based on a published record
of cost changes. index.
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INDIRECT COSTS costs not directly
associated with the structure, but incurred during
the construction period. Also called soft costs. Contrast
with direct costs.
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INDUSTRIAL PARK an area designed
and zoned for manufacturing and associated activities.
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INDUSTRIAL PROPERTY property used
for industrial purposes, such as factories.
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INFLATION a loss in the purchasing
power of money; an increase in the general price level.
Generally measured by the Consumer Price Index, published
by the Bureau of Labor Statistics.
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INFORMATION REPORTING reports Provided
to the Internal Revenue Service (IRS), such as commissions
earned by real estate sales agents and real estate
transactions of home sellers, reported by the broker.
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INFRASTRUCTURE the basic public
works of a city or subdivision, including roads, bridges,
sewer and water systems, drainage systems, and essential
public utilities.
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INHERITANCE TAX a tax, based on
property value, imposed in some states on those who
acquire property from a decedent. Compare estate tax.
.
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INJUNCTION an order issued under
the seal of a court to restrain one or more parties
to a legal proceeding, from performing an act deemed
inequitable to another party or parties in the proceeding.
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INNER CITY generally the older and
more urbanized area of a large city surrounding the
central business district. The term often refers to
densely populated blighted areas characterized by
low-income residents and a high proportion of minority
racial and ethnic groups.
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IN REM Latin: "against the
thing." A proceeding against the property directly,
as distinguished from a proceeding against a person
(used in taking land for nonpayment of taxes, etc.)
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INSIDE LOT in a subdivision, a lot
surrounded on each side by other lots, as opposed
to a comer lot, which has road frontage on at least
2 sides.
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INSPECTION a physical scrutinizing
review of property or of documents.
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INSTALLMENT CONTRACT same as land
contract
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INSTALLMENTS parts of the same debt,
payable at successive periods as agreed; payments
made to reduce a mortgage.
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INSTALLMENT SALE when a seller accepts
a mortgage for part of the sale, the tax on the gain
is paid as the mortgage principal is collected.
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INSTALLMENT TO AMORTIZE ONE DOLLAR
a mathematically computed factor derived from compound
interest functions that offers the level periodic
payment required to retire a $1.00 loan within a certain
time frame. The periodic installment must exceed the
periodic interest rate.
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INSTITUTE OF REAL ESTATE MANAGEMENT (IREW)
a professional organization of property managers.
Affiliated with the National Association of Realtors".
Publishes the Journal of Property Management. Address:
Institute of Real Estate Management 430 North Michigan
Avenue Chicago, IL 60611
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INSTITUTIONAL LENDER financial intermediaries
who invest in loans and other securities on behalf
of their depositors or customers; lending and investment
activities are regulated by laws to limit risk.
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INSTRUMENT a written legal document,
created to establish the rights and liabilities of
the parties to it.
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INSURABLE INTEREST an interest in
a person or property that would cause one a loss if
that person or property were injured. Must be present
to collect from an insurance policy.
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INSURABLE TITLE a title that can
be insured by a title insurance company.
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INSURABLE VALUE the cost of total
replacement of destructible improvements to a property.
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INSURANCE COVERAGE total amount
and type of insurance carried.
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INSURANCE (MORTGAGE) a service,
generally purchased by a borrower, that will indemnify
the lender in case of foreclosure of the loan. Indemnification
is generally limited to losses suffered by the lender
in the foreclosure process.
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INTANGIBLE VALUE value that cannot
be seen or touched. Example: The goodwill of an established
business is an intangible value.
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INTEREST 1. cost of the use of money.
2. the type and extent of ownership.
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INTEREST DEDUCTIONS (UNDER THE 1986 TAX ACT)
Investment Interest. Investment interest
deductions are limited to net investment income, which
includes interest, dividends, long-term capital gains
and income or loss from working interests in oil and
gas interests. However, net investment income includes
neither rental nor other passive activity income or
loss, nor interest paid to buy an ownership in a passive
activity.
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INTEREST-ONLY LOAN a loan in which
interest is payable at regular intervals until loan
maturity, when the full loan balance is due. Does
not require amortization. Contrast with self-amortizing
mortgage.
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INTEREST RATE 1. the percentage
of a sum of money charged for its use. 2. the rate
of return on an investment.
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INTERIM FINANCING a loan, including
a construction loan, used when the property owner
is unable or unwilling to arrange permanent financing.
Generally arranged for less than 3 years, used to
gain time for financial or market conditions to improve.
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INTERNAL RATE OF RETURN (IRR) the
true annual rate of earnings on an investment. Equates
the value of cash returns with cash invested. Considers
the application of compound interest factors. Requires
a trial-and-error method for solution.
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INTERNAL REVENUE CODE the law, passed
by Congress, that specifies how and what income is
to be taxed, and what may be deducted from taxable
income.
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INTERNAL REVENUE SERVICE (IRS) an
agency of the federal government that is responsible
for the administration and collection of federal income
taxes. The IRS prints and distributes tax forms and
audits tax returns.
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INTERNATIONAL ARCHITECTURE an early-twentieth
century-style house whose design is very simple with
no ornamentation. The windows appear to be continuous
rather than a earn to be holes in the walls.
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INTERNATIONAL ASSOCIATION OF ASSESSING OFFICERS
(IAAO) a professional organization of property
tax assessors. Awards the designation of Certified
Assessment Evaluator (CAE). Publishes the quarterly
Assessors Journal. Address: International Association
of Assessing Officers 1313 East 60th Street Chicago,
IL 60637
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INTERNATIONAL REAL ESTATE FEDERATION
an organization with worldwide membership that is
devoted to encouraging private rights to real estate.
The international abbreviation is FIABCI; its American
chapter is an affiliate of the National Association
of Realtors.
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INTERNATIONAL RIGHT OF WAY ASSOCIATION
(IR/WA) an individual membership association (no corporate
membership) that offers courses covering various phases
of right-of-way work. Educational curriculum includes
law, engineering, appraisal. Offers a designation,
SR/WA, and a bimonthly magazine. Address: International
Right of Way Association 13650 S. Grammercy Place,
Ste. 100 Gardena, CA 90249- (3 10) 538-0233
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INTERSTATE LAND SALES ACT a federal
law, administered by the Department of Housing and
Urban Development (HUD), which requires certain disclosures
and advertising procedures when selling land to purchasers
in other states.
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INTERVAL OWNERSHIP same as time-sharing.
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INTER VIVOS during one's life.
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INTESTATE 1. (adj.) having made
no valid will. 2. (noun) a person who dies leaving
no will or leaving one that is defective. Property
goes to the legal heirs of the intestate.
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INVENTORY property held for sale
or to be used in the manufacture of goods held for
sale. Does not qualify for capital gains tax treatment.
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INVERSE CONDEMNATION a legal procedure
to obtain compensation when a property interest has
been taken or diminished in value by a government
activity.
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INVESTMENT VALUE the estimated value
of a certain real
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INVOLUNTARY CONVERSION condemnation
or sudden destruction by nature
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INVOLUNTARY LIEN a lien imposed
against property without consent of the owner
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INVESTMENT LIFE CYCLE the time span
from acquisition of an investment to final disposition
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INWOOD ANNUITY FACTOR a number that,
when multiplied by the periodic payment from a level
payment income, stream, indicates the present value
of the income stream, stream, based on a specific
interest rate
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INWOOD TABLES a set of annuity factors
for various interest rates and maturities.
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IREM Institute of Real Estate Management
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IRR internal rate of return.
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IRREVOCABLE incapable of being recalled
or revoked; unchangeable.
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IRS Internal Revenue Service.
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IRIWA International Right of Way
Association.
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ITALIAN VILLA a Latin-style, massive
2- or 3-story house of masonry with large overhanging
eaves.
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