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Ma Real Estate I

Terms & Definitions I

TermDefinition
Implied Agency The agency that results by deduction or inference as opposed to an expressed (verbal or written) relationship.
Implied Contract A contract where the agreement of the parties is demonstrated by their acts and conduct, and not by their words, or written agreements.
Impound Account A trust account established to collect funds, for the future needs of a parcel of real estate. Banks often establish impound accounts for taxes, and insurance fees.
Impound Payment A periodic payment into an impound account.
Improvements Additions to real property, that are intended to increase value (more than maintenance or repair).
Imputed Interest Interest assigned by law, when a contract does not state a specific rate.
Imputed Notice Knowledge by an agent, that is binding on the principal due to the principal-agent relationship, even though the principal does not have first hand knowledge. EXAMPLE: Notice under a purchase and sales agreement requirement.
Income Approach Appraisal Technique that uses the amount of net income property, will produce over its useful life to determine value. The net income (gross income less expenses) is divided by a capitalization rate determined by experience, to determine value.
Incorporeal Intangible or non-possessory rights in real estate. No physical substance. EXAMPLE: A right of way.
Increasing Return Concept in appraisal, that holds some improvements to real estate increased value, by more than the amount invested.
Independent Contractor One who is employed to perform an act but isn't controlled as to how they accomplish the objective. An independent contractor isn't an employee and as such in real estate brokerage the principal (broker) doesn't have to withhold taxes and Social Security.
Index Lease A lease that provides for an adjustment in rent based on changes to some index, such as the consumer price index.
Installment Contract Contact for real estate where the buyer occupies the property during a period, while making payments and receives a deed, when all payments are complete.
Intangible Having no physical or material being. EXAMPLE: A right of way.
Intestate Property owner dies without a will, or with a will that is defective. Property changes ownership through the state laws of descent.
Involuntary Alienation Transfer of ownership against the owners will as in a foreclosure.
Created by: medct