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I
implied agency:
an agency crated by acts or words of principal and agent; an agency inferred by
circumstances.
implied contract: a contract under which agreement of the parties is demonstrated by
their acts and conduct.
income approach:
the process of estimation the value of an income-producing property by
capitalization of the annual net income expected to be produced by the property
during its remaining useful life.
incorporeal right: a nonpossessory right in real estate, for example, an easement or
right-of-way.
independent contractor:
someone 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 the way in which he
or she performs the act.
infant:
a person who has not reached the legal age of majority; a minor.
inflation:
an increase in the volume of money and credit relative to available goods
resulting in substantial and continuing rise in the general price level.
infrastructure:
Roads, highways, sewage and drainage systems, and utility facilities necessary
to support a concentration of population.
inheritance taxes: State-imposed taxes on a decendent’s real and personal property.
inspector:
See Real estate inspector.
installment contract: See contract for deed.
installment sale: a transaction in which the sales price is paid in two or more
installments over two or more years. If the sale meets certain requirements, a
taxpayer can postpone reporting such income to future years by paying tax each
year only on the proceeds received that year.
insurable title:
a title that a title company will insure.
interest-only loan: a loan in which interest is paid periodically but no principal is paid
until the due date on the note, when he entire principle amount is due with the
final interest payment.
interim financing: a short term loan usually made during the construction phase of a
building project.
intermediary broker: a broker who is employed to negotiate a transaction between both
parties and who for that purpose may be an agent of both parties to the
transaction.
Internal Revenue Service
tax lien: a general lien imposed by
the IRS for the nonpayment of income taxes.
Interstate Land Sales
Full Disclosure Act: a federal law
requiring that property report be furnished to prospective buyers of certain
types of real estate.
intrinsic value:
an appraisal term meaning the result of a person’s individual choices and
preferences.
involuntary alienation:
See alienation
involuntary lien: a lien that arises by the action of another such as judgment lien.
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