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GLOSSARY of American & Mexican Real Estate Terms
I
Immobility
Incapable of being moved; fixed in location, such as land.
Implied Contract
contract formed through the acts or conduct of the parties involved (Ostensible).
Income Approach
A traditional means of appraising property based on the assumption that value is equal to the present worth of future rights to income.
Increasing and Decreasing Returns
This economic principle states that the addition of more factors of production will add higher amounts to new income up to a certain point, which is the point where the maximum value of the asset has been reached; any further addition of factors of production will do nothing to increase the value.
Incurable Depreciation
Elements of a structure which are neither physically possible nor economically feasible to correct.
Independent Contractor
One whose time and effort are regulated by the individual and are not under the direction or control of others.
Index Lease
The rental is tied to some commonly agreed to price index such as the Consumer Price Index or the Wholesale Price Index.
Inheritable
An interest in land which can be passed to a relative upon the death of the owner.
Installment Land Contract
See Land Contract.
Insurance - Seguro
Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses.
Interest - Intereses
(1) the sum paid for the use of money (2) the degree of rights in the ownership of land.
Interest Rate - Tipo de Interes
The cost of using money expressed as a percent per period.
Intestate
Dying without a will.
Invalid
Without legal force.
Irrevocable
Not capable of being changed or terminated.
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