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Real Estate Glossary
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Terms starting with 'I':
IMPROVED LAND :
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.
IMPROVEMENT RATIO :
The comparative value of an improved piece of land to its natural, unaltered state.
IMPROVEMENTS :
Any item added to vacant land with the intent of increasing its value or usability.
INCOME APPROACH:
The process of estimating the value of property by considering the present value of a stream of income generated by the property.
INCOME PROPERTY :
A piece of property whose highest and best use is the generation of income through rents or other sources.
INDEPENDENT APPRAISAL :
An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.
INSPECTION :
The examination of a piece of property, its buildings or other amenities.
INSURABLE TITLE :
The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear.
INTEREST RATE :
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.
INVESTMENT PROPERTY :
Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.

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