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Real Estate Agent Dictionary
Bookmark this page as a resource for real estate terms.
IMPROVEMENTS An addition to land which costs labor or capital (buildings, pavements, etc.), more or less permanently attached. More than repair or replacement.
INCOME PROPERTY Property owned or purchased primarily for the monetary return it will bring. It may be classified as commercial, industrial, or residential.
INDEMNIFY To protect against or keep free from loss/ damage. To insure. To repay for loss/damage. To compensate for loss, reimburse.
INDUSTRIAL INSTALLATION Active or inactive industrial facility held by the Department of the Army for production of weapons, systems, munitions, components, and supplies.
INGRANT Property acquired for Army or Air Force used by lease, license, or permit; not fee.
INLEASING The leasing of real estate interests therein, and improvements thereon for military and civil works purposes. Generally, also leasing of land/improvements by the Corps for other Government agencies.
INSTALLATION Land and improvements controlled by the Department of the Army and used by Army organizations for Army functions.
INSTALLED BUILDING EQUIPMENT Equipment and furnishings required to make a building usable and attached as a permanent part of the structure (e.g., docks, overhead crane., etc.).
INSTALLMENT CONTRACT Purchase of real estate upon an installment basis; upon default, payments are forfeited. Often called a LAND CONTRACT, the deed to the property is not given to the purchaser until either all or a certain portion of the purchase price has been paid.
INSTRUMENT A written legal document created to effect the rights of the parties.
INTEREST RATE The rate of return on an investment, specifically, the rate charged on borrowed money.
INTERNAL CONTROL The organization and methods within a Federal agency which guard against fraud, waste, abuse, and mismanagement of resources.
INTESTATE A person who dies having made no will, or one defective in form; in which case, his estate descends to his heirs at law or next of kin.
INVOLUNTARY LEN A lien imposed against property without consent of the owner; example: special assessments and Federal income tax.
JOINT AND SEVERAL An obligation which binds two or more persons individually and jointly. This type of obligation can be enforced by joint action against all or separate actions against one or more.
JOINT TENANCY Co-ownership of real property by two or more persons, whereby the joint tenancy have equal interest, accruing by the same conveyance, commencing at the same time, and held by equal and undivided possession.
JUDGMENT The final determination of the rights and liabilities of the parties in an action, as decreed by a court.
JUNIOR LIEN A lien placed upon property after a previous lien has been made and recorded.
JURISDICTION The authority to legislate within a geographically defined area; authority to enact general municipal legislation over that particular area.
JUST COMPENSATION Market value paid for real estate taken in a condemnation action.