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Implied Agency

 

An agency relationship that is suggested by the words and/or deeds of the agent or principal. When an implicit written agreement has not been signed care should be taken not to create an unwanted agency relationship.

 


Improved Value

 

The value of both the land and the improvements.

 


Income Approach

 

A method of real estate valuation that takes into account the ability of a property to generate income during it's productive life. This methodology is considered to be the most appropriate one for use with commercial and multiple family properties.

 


In House Sale

 

When a sale is made by a brokerage firm without the assistance of a cooperative agency. When the listing and sale of a property are made by the same firm there is no requirement for the brokerage firm to split their commission or fee.

 


Incumbrance

 

A right or interest in real property that often diminishes the value to the property to the owner.

 


Incurable Depreciation

 

Defects that cannot be cured, due to their being an integral part of a structure, are considered to be incurable.

 


Index / Consumer Price Index (CPI)

 

The Consumer Price Index (CPI), the Federal Home Loan Bank (FHLB) System Cost of Funds (COF) Index and U.S. Government Treasury bonds are often used as the standards for periodically adjusting mortgage rates in ARM's.

 


Ingress

 

The right to enter a parcel of land, usually via roadway access.

 


Inspection / Appraisal Inspection

 

Home inspections have become increasingly important to buyers, sellers and lender's in recent years given the many potential problems that can affect the value of a home. Sellers are beginning to have pre-sale inspections to identify problems before they are discovered at the last minute before closing, and to assist in the marketing of their home. Buyers and lenders often want to know about construction integrity, asbestos, lead, radon, and a number of other factors before a final commitment is made to purchase. An inspection performed by a qualified professional in his area of expertise, who has errors and omissions insurance, is the best guarantee against major property flaws.

 


Installment Debt

 

Long-term debt that usually goes beyond a year. Payment of debts of this type is usually paid in monthly, quarterly or annual installments.

 


Interest

 

In appraisal, an interest is a right or title to an ownership in real property. 

 


Intermediate-term Loan

 

This expression normally refers to a home loan that is less than 30 years.

 


IRS Section 121

 

Section 121 of the Internal Revenue Code deals with the once-in-a-lifetime sale of a principal residence by qualified individuals who are fifty-five years or older.

 


IRS Section 1031

 

Section 1031 of the Internal Revenue Code deals with the tax deferred exchange of like kind real estate.

 


IRS Section 1034

 

Section 1034 of the Internal Revenue Code deals with the gain on the sale of a personal residence.

 


 

 



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.