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IMPLIED
AGENCY - An agency relationship created by the
conduct of the parties rather than by an express agreement.
IMPOUND ACCOUNT
- A fund collected and maintained by a lender to assure
availability of funds for taxes and insurance when these bills
on the secured property come due.
Impound Account: (escrow account): A reserve for
taxes and insurance kept by the lender to which the borrower
pays along with regular principal and interest payments.
IMPLIED CONTRACT - A contract created by
conduct rather than by words or writing.
INCOME
- The amount of money paid in dollars for use of property.
INCOME PROPERTY
- Any real estate capable of generating rental income.
INCORPOREAL RIGHTS
- Intangible rights or non-possessory claims to real estate.
INCURABLE DEPRECIATION
- In appraisal, the concept that a deficiency of property
either cannot be corrected or is not worth correcting.
INDEPENDENT CONTRACTOR
- A person representing another, with more freedom and
autonomy in performing the task than would be given to an
employee.
INDEXED LEASE
- A lease that calls for adjustments on the basis of price or
inflation indexes.
INFORMAL REFERENCES
- A description of property insufficient to constitute a legal
description. Usually street address or assessor's parcel
number.
Ingress: A means of entering.
INHERITANCE
- Upon the death of an owner of property, the right to pass
the ownership rights on to anyone of the decedent's choosing
(or by state laws of intestacy in the absence of a will).
INSURED
- A loan which has a federal government insurance program
protecting the originating lender (and assignees) such as FHA,
FmHA, RECD. Also in conventional loans wherein the lender is
insured by a private mortgage insurance company.
INTEREST - A charge paid
for borrowing money. (See mortgage note)
Interest Rate: The percentage of
the loan balance charged by the lender for use of the money.
INTERVAL OWNERSHIP
- A situation whereby a number of owners of a single unit of
real estate are allocated their respective rights to
possession based on periods of time. Also called timeshare
ownership.
INTESTATE
- Having died without a will.
INVOLUNTARY ALIENATION
- To lose title to property against one's will.
IRV - Abbreviation for
the graphical formula of Income, Rate and Value
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