Thursday, May 16, 2024, 10:45 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
I
IMMOVABLE - Civil Law TermLand and/or buildings situated on the land; other improvements to the land (landscaping, fruit trees, or vegetable garden) belong as part of the immovable. |
IMPLIED AUTHORITYThe authority an agent is assumed to have because of a course of conduct, or which is inferred from the fact that he has been authorized to perform certain acts. |
IMPROVEMENT - Civil Law TermAn addition made to property. Generally refers to buildings, but may include any permanent structure such as streets, sidewalks, utilities, etc. |
IN REMPertaining to property. Used to designate legal proceedings against the property. |
INCAPACITYThe lack of legal qualifications making a person incapable of performing some act. Mental deficients, minors, etc. lack capacity to perform certain acts. |
INCHOATEIncomplete; not perfected. |
INCORPOREALIntangible; without physical existence. |
INDEFEASIBLENot capable of being annulled or voided. |
INGRESSAn entrance to property which does not trespass over the property rights of others. |
INJUNCTIONA writ or order issued under the seal of a court to restrain one or more parties from performing an act which is deemed to be inequitable or unjust in regard to the rights of some other party. |
INSTALLMENT CONTRACTA contract which provides for payment of a purchase price in installments. |
INSTRUMENTA written legal document. |
INTENTIONAL MISREPRESENTATIONThe act of making willfully inaccurate statements about a property or withholding essential information concerning it. |
INTER VIVOSDuring one's life; from one living person to another. |
INTERESTThe charge for the use of money over a period of time. Can be understood as the "rent" paid for the use of borrowed money. |
INTEREST ESCALATION CLAUSEThe clause in a promissory note which pushes the note's interest rate to the maximum amount allowed by law in the event of the borrower's default. |
INTEREST RATEThe percentage charged to use a sum of money. |
INTERIM FINANCINGA short-term loan obtained to cover financing of the construction of a building. |
INTESTATEA person who dies without a will, or with one which is defective in form. |
INVOLUNTARY LIENA lien imposed against property without consent of an owner; e.g., taxes, special assessments, federal income tax liens, etc. |
IRREVOCABLEIncapable of being recalled or revoked; unchangeable. |