- ILLUSORY CONTRACT
- An agreement that gives the appearance of a contract, but in fact is not a contract because it lacks one of the essential elements.
- IMPLIED
- Not expressed by words, but presumed from facts, acts, or circumstances.
- IMPOUND ACCOUNT
- A trust account established by the lender to pay property taxes and hazard insurance.
- INCOME APPROACH
- An appraisal technique used on income producing properties. Also known as the capitalization approach.
- INCOME TAX
- The cost to remodel vacant property may be deducted from the income tax.
- INCOMPETENT
- Someone incapable of managing his or her own affairs by reason of age, disease, weakness of mind, or any other cause.
- INCREMENT
- Any increase.
- A term frequently used to refer to the increased value of land because of population growth and increased wealth in the community.
- "Unearned increment" is used in this connection since the values increased without effort on the part of the owner.
- INDEBTEDNESS
- A debt or obligation.
- INDEMNIFICATION
- Compensation to a person who has already sustained a loss. For example, insurance payment for a loss under policy.
- INDIRECT LIGHTING
- A method of illumination in which the light is reflected from the ceiling or other object outside the fixture.
- INDORSEMENT
- The act of signing one's name on the back of a check or a note, with or without further qualification.
- The signature described above.
- INFATIONARY HEDGE
- Real estate is considered to be the best bet against inflation.
- INFLATION
- This is not an easy condition to eliminate.
- INFLATIONARY HEDGE
- Real estate is considered to be the best bet against inflation.
- INGRESS
- The act of or avenue for entering property.
- INHERIT
- To take property through a deceased's estate.
- INJUNCTION
- An order issued by a court to restrain one or more parties to a suit or proceeding from performing an act deemed inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.
- INJUNCTION
- A court order prohibiting certain acts, or ordering specific acts.
- INSTALLMENT
- A partial payment of a debt due in a series of payments.
- INSTALLMENT NOTE
- A note that provides that payments of a certain sum or amount be paid in more than one payment on the dates specified in the instrument.
- INSTALLMENT SALES CONTRACT
- Also known as an agreement of sale or a land contract.
- INSTALLMENT-SALE METHOD
- A method of reporting capital gains by installments for successive tax years to minimize the impact of capital gains tax in the year of the sale.
- INSTITUTIONAL LENDER
- Lenders who make a substantial number of real estate loans, such as banks, savings and loan associations, and insurance companies.
- INSTRUMENT
- A written legal document created to affect the rights of the parties.
- INTEREST
- The charge or cost for the use of money.
- INTEREST RATE
- The percentage of a sum of money charged for its use.
- INTEREST RATE CAP
- The majority of all the mortgages do contain an intrest rate cap.
- INTERPLEADER
- A court proceeding initiated by a stakeholder, such as a broker or escrow agent. This decides the ownership or disposition of trust funds.
- INTESTATE
- A person who dies without a will.
- INTREST DEDUCTION
- The amount of a home equity loan that qualifies for an intrest deduction can not exceed $100,000.00.
- INVESTOR
- A person who holds property primarily for future appreciation in value for federal and state income tax purposes.
- INVITEE
- A person who enters another's land because of an express or implied social invitation, such as a social guest. The term also covers certain government workers who enter someone's land, such as police officers and firefighters. Classification of such status was revoked by a recent court case.
- INVOLUNTARY CONVERSION
- The loss of real property due to destruction, seizure, condemnation, foreclosure sale, or tax sale.
- INVOLUNTARY LIEN
- Any lien imposed on property without the consent of the owner. IRREVOCABLE Incapable of being recalled or revoked; unchangeable.
- IRRIGATION DISTRICTS
- Quasi-political districts created under special laws to provide for water services to property-owners in the district.
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