Glossary I

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IMMUNE PROPERTY
Real property owned by a unit of government that is not subject to taxation.
IMPLIED
Expressed indirectly, (e.g., an implied contract).
IMPLIED CONTRACT
An agreement wherein the terms are not stated but are inferred from the conduct of the
parties.
IMPROVEMENT
Addition that increases the value of real property (not repairs).
INCOME
Amount of earned or gained, not return of capital.
INCOME CAPITALIZATION APPROACH
A method for estimating the market value of a property based on the present and future
income the property can be expected to generate.
INEFFECTIVE (INEFFECTUAL)
Status of a law license when suspended.
INFORMAL HEARING
A meeting at an early stage in the compliant process whereby a licensee (respondent) has
an opportunity to show compliance.
INJUNCTION
A writ or order by a court forbidding a party from doing something.
IN-MIGRATION
Movement into a community or region by new residents.
INSTRUMENT
Any legal or formal writing, such as a will, option, lease, contract, or deed.
INSURANCE
(SEE HAZARD INSURANCE.)
Coverage by contract whereby one party undertakes to guarantee another party against
loss resulting from physical damage to real property.
INSURANCE CLAUSE
A provision in a mortgage that requires the mortgagor to obtain and keep current a
hazard insurance policy.
INTANGIBLE ASSET
Something of value lacking physical substance; existing only in connection with
something else (e.g., the goodwill of a business.)
INTANGIBLE TAX MORTGAGES, STATE
Tax required prior to a mortgage being recorded. The cost is based on the face value of
the mortgage.
INTENSITY
The concentration of activity (pedestrian and vehicular traffic) used as a means of
designating land for commercial zones.
INTEREST
The price paid for the use of borrowed money; estate.
INTEREST RATE
The percentage charged for the use of borrowed money.
INTERMEDIATION
The process whereby financial middlemen consolidate many small savings accounts
belonging to individual depositors and invest those funds in large, diversified projects.
INTERMINGLE (SEE COMMINGLE)
The mix together money or a deposit with personal funds; combine.
INTERPLEADER
A course of action when two contesting parties cannot reach an arbitrated agreement.
INTERVAL OWNERSHIP
Fee simple possession, for the limited time purchased (one or more weeks), of a
time-share unit, complete with a deed, title, and equity.
INTESTATE
Without a will.
INVESTMENT
The outlay of a money in anticipation of income or profit; the sum risked or the
property purchased.
INVESTMENT CONTRACT
A type of security using the sale of a real property as the investment.
INVESTMENT VALUE
The worth of a property to a particular investor based on his or her desired rate of
return, risk, tolerance, etc.
INVOLUNTARY LIEN (INVOLUNTARY ALIENATION)
A claim imposed against real property without the consent of the owner. (e.g., taxes,
special assessments.)