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Real Estate Terms Glossary
Click the letter corresponding to the first letter of the word you wish to look up.
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Real Estate Terms Beggining with the Letter i
Illusory Contract
 
An agreement that gives the appearance of a contract but in fact is not a contract because it lacks one of the essential elements.
   
Implied
 
Not expressed by words but presumed from facts acts or circumstances.
   
Impound Account
 
A trust account established by the lender to pay property taxes and hazard insurance.
   
Income Approach
 
An appraisal technique used on income producing properties. Also known as the capitalization approach.
   
Incompetent
 
Someone incapable of managing his or her own affairs by reason of age disease weakness of mind or any other cause.
   
Increment
 
Any increase. (1) A term frequently used to refer to the increased value of land because of population growth and increased wealth in the community. (2) Unearned increment" is used in this connection since the values increased without effort on the part of the owner."
   
Indebtedness
 
A debt or obligation.
   
Indemnification
 
Compensation to a person who has already sustained a loss. For example insurance payment for a loss under policy.
   
Indirect Lighting
 
A method of illumination in which the light is reflected from the ceiling or other object outside the fixture.
   
Indorsement
 
(1) The act of signing one's name on the back of a check or a note with or without further qualification. (2) The signature described above.
   
Ingress
 
The act of or avenue for entering property.
   
Inherit
 
To take property through a deceased's estate.
   
Injunction
 
An order issued by a court to restrain one or more parties to a suit or proceeding from performing an act deemed inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.
   
Injunction
 
A court order prohibiting certain acts or ordering specific acts.
   
Installment
 
A partial payment of a debt due in a series of payments.
   
Installment Note
 
A note that provides that payments of a certain sum or amount be paid in more than one payment on the dates specified in the instrument.
   
Installment Sales Contract
 
Also known as an agreement of sale or a land contract.
   
Installment-Sale Method
 
A method of reporting capital gains by installments for successive tax years to minimize the impact of capital gains tax in the year of the sale.
   
Institutional Lender
 
Lenders who make a substantial number of real estate loans such as banks savings and loan associations and insurance companies.
   
Instrument
 
A written legal document created to affect the rights of the parties.
   
Interest
 
The charge or cost for the use of money.
   
Interest Rate
 
The percentage of a sum of money charged for its use.
   
Interpleader
 
A court proceeding initiated by a stakeholder such as a broker or escrow agent.
   
Intestate
 
A person who dies without a will.
   
Investor
 
A person who holds property primarily for future appreciation in value for federal and state income tax purposes.
   
Invitee
 
A person who enters another's land because of an express or implied social invitation such as a social guest. The term also covers certain government workers who enter someone's land such as police officers and firefighters. Classification of such status was revoked by a recent court case.
   
Involuntary Conversion
 
The loss of real property due to destruction seizure condemnation foreclosure sale or tax sale.
   
Involuntary Lien
 
Any lien imposed on property without the consent of the owner.
   
Irrevocable
 
Incapable of being recalled or revoked; unchangeable.
   
Irrigation Districts
 
Quasi-political districts created under special laws to provide for water services to property-owners in the district.
   

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