Real Estate City Glossary

Real Estate City Glossary I
(Impact Noise Rating- Intangible Asset)

A1 | A2 | A3 | A4 | B1 | B2 | B3 | C1 | C2 | C3 | D1 | D2 | E1 | E2 | F1 | F2 | F3 |
G1 | G2 | H1 | H2 | I1 | I2 | J | K | L1 | L2 | L3 | M1 | M2 | M3 | N | O1 | O2
| P1 | P2 | Q | R1 | R2 | S1 | S2 | T1 | T2 | U | V1 | V2 | W1 | W2 | X | Y | Z

Impact Noise Rating
Rating system to indicate how much noise is transferred through a ceiling or floor when walking or moving furniture.

Impact Fees
Fees that must be paid by developers of new homes and subdivisions to pay for town facilities such as schools and parks.

Implied
Created by the conduct or words of the others parties, and not arising from the explicit agreements.

Implied Condition
A provision not explicitly stated in an agreement but considered an important item.

Implied Contract
An agreement created by actions of the parties involved but not written or spoken.

Implied Easement
Property that is used consistently for many years without challenge by the actual owner.

Implied Warranty
Under law, there is an express warranty that real estate sold is appropriate for sale and is in proper condition even if not stated.

Implied Warranty of Habitability
Legal Doctrine: all new homes are assumed to meet all building codes and are fit for habitation.

Income Property
Property that is used to generate income, i.e. rented to others as either commercial or residential.

Income Statement
The income statement shows the cash flow for an entire accounting period, usually a quarter. The income statement is included in the annual report of the real estate corporation.

Indemnify
To secure against hurt, loss or damage.

Indenture
A deed or agreemnt setting out specific objects executed by the parties to that agreement.

Index of Residential Construction Cost
Index of the costs to construct residential properties.

Indexed Loan
A long-term loan in which the term, payment, interest rate or principal amount may be adjusted periodically according to a specific index, which is usually stated in the loan agreement.

Industrial Zoning
Category of property zoning that designates property to be used for industrial purposes.

Inflation
Increasing price levels. A loss in the purchasing power of money. When a dollar today is worth more than that dollar tomorrow.

Inflation Equity
Increase in the value of property brought on by inflation.

Inheritance Tax
State tax based on the value of property received through inheritance. (Tax is in the US and in England.)

Inspection
Examination or review, which compares objects by use of an acceptable standard to rate quality and to guarantee consistency.

Inspection Fee
Fee paid to a professional, to determine the physical condition of a home, to supplement the information in the appraisal report and is often required by the lender.

Inspection Report
After an inspection, a written report is submitted, detailing the condition of the home's foundation, framing, plumbing, electrical system, heating, air conditioning, fireplaces, kitchen, bathrooms, roof, exterior and interior.

Inspector
A person who inspects. An official examiner.

Institutional Lender
Financial intermediaries who invest in loans and other securities on behalf of their depositors or customers; lending and investment activities are regulated by laws to limit risk.

Insulation
Materials, such as fiberglass, rock wool, urethane foam, polystyrene, cellulose and vermiculite, which are used to slow heat loss. Insulation comes in different forms: blanket, batt, rigid, fill, reflective, made of glass wool, cotton or wood fibers. Organic materials must be pretreated to become insect, fire and decay resistant.

Insurance Binder
Temporary insurance arrangement used until a permanent policy can be issued.

Intangible Asset
An asset that does not physically exist save and except for any written documentation or agreement between parties supporting its value.