Real Estate Definitions - I

Implied Contract:
A contract where the agreement of the parties is demonstrated by their acts and conduct but is not formally expressed.
Inactive License:
A license held at the Real Estate Division and not currently with a Broker. It is important to realize that "inactive" is a license status, subject to division rules.
An incomplete right that will occur only if certain events happen. A Dower Interest, a Curtesy Interest, a Remainderman's Interest and a Reversionary Interest are all waiting for a future event.
Income Approach:
An appraisal method based on the assumption that the value of a property is a reflection of its income producing power. Value is equal to Net Operating Income divided by its Capitalization Rate.
Income Tax Shelter:
An investment that takes advantage of the Tax Laws so as to defer the payment of tax on current income to later years where it will either be taxed at a lower amount or lower rate.
An appraisal term meaning that the cost to cure depreciation is more than the amount of increase in value that would result from such repair. An unwise investment.
Index Lease:
(Escalator Lease) (See Graduated Lease)
An economic condition where the money in circulation is excessive for the commodities on sale.
The right to pass property to your heirs at your death.
A court order compelling a person to stop some stated action.
Installment Land Contract:
(See Land Sales Contract)
Institutional Lender:
A lender that receives its loan funds from depositors instead of investing its own funds.
Intangible Property:
(Incorporeal Property) Property that has no size, shape or physical being, such as rights.
An estate (ownership right) in real property.
Interim Loan:
(Construction Loan) A loan to a builder during the course of construction. Typically funds are disbursed in stages drawn at certain points of completion. It is a short term, high interest rate loan expected to be replaced by a permanent loan ("take out loan") when the property is completed.
Interlocutory Decree:
A court order giving a person a specified number of days to cure a problem or suffer specific consequences. It is used in the place of the Statutory Right of Redemption in the foreclosure of a Land Sales Contract.
Dying with an invalid will or no will.