Business / Real Estate Glossary

Implied Agreement-Contract: A contract under which the agreement of the parties is demonstrated by their acts and conduct.

Implied Authority: The authority of an agent to perform acts which are reasonably necessary to accomplish the purpose of the agency.

Implied Easement: When the owner of two or more adjacent properties sells a part thereof, he or she grants by implication all those apparent and visible easements which are necessary for the reasonable use of . . . View Full Definition

Implied Warranty: A theory in landlord/tenant law in which the landlord renting residential property implies quiet enjoyment of the property or that the property is habitable.

Impound Account: A trust account established to set aside funds for future needs relating to a parcel of real property. Many mortgage lenders require an impound account to cover future payments for taxes, as . . . View Full Definition

Improvement: 1) Any structure, usually privately owned, erected on a site to enhance the value of the property--for example, building a fence or a driveway. 2) A publicly owned structure added to or bene . . . View Full Definition

In-House Sale: A sale in which the listing broker is the only broker in the transaction, there is no outside broker involved as in a cooperative sale. Either the listing salesperson finds the buyer, or ano . . . View Full Definition

Incentive Zoning: Zoning that offers incentives to developers, such as retail shops on the first floor of multistory office buildings if a plaza for public use is included.

Income And Expense Report: A financial report generated by a property manager that details the income and expenses from a property and the amount remitted to the owner.

Income Approach: The process of estimating the value of an income-producing property through capitalization of the annual net income expected to be produced by the property during its remaining useful life.

Income Ratio: The relationship between a persons total income and the amount needed to make one months mortgage payment.

Incorporeal Right: A nonpossessory right in real estate, for example, an easement or a right of-way.

Increasing And Diminishing Returns: The addition of more improvements to land and structures which increases value only to the assets maximum value. Beyond that point, additional improvements no longer affect a propertys value . . . View Full Definition

Independent: A brokerage firm operating on-its-own without an affiliation with a regional or national franchise.

Independent Contractor: One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as to how he or she performs the act. The critical . . . View Full Definition

Index: Used to set interest rates, such as the six month Treasury bill rate.

Index Lease: A lease containing an escalation clause that is tied to an index.

Indirect Management Costs: Expenses in a budget of a real estate agency or parent company the are partially attributable to the operation of a management department.

Individual Retirement Account (IRA): An Individual Retirement Account (IRA) is an IRS-approved way for any working individual to set aside savings for retirement each year in a tax-deferred account. The individual is not taxed . . . View Full Definition

Indoor Air: Breathing air inside a habitable structure, often highly polluted because of lack of exchange with fresh oxygen from outdoors. Solvents, smoke, paints, furniture glues, carpet padding, and o . . . View Full Definition

Industrial Broker: A real estate broker who specializes in brokering industrial real estate.

Industrial Development Bonds: A bond that allows private investors to finance apartment and commercial development by using tax-exempt, inexpensive funds. TRA 86 imposed severe restrictions on this financing technique.

Industrial Property-Parks: A property primarily used for the production or manufacture of goods or products.

Industrial Revenue Bonds: Bonds issued for the development of an industrial park or the construction of a building for lease to commercial tenants.

Inflation: The gradual reduction of the purchasing power of the dollar, usually related directly to the increases in the money supply by the federal government.

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