Real Estate Definitions
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IMPROVED LAND
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.
IMPROVEMENTS
Any item added to vacant land with the intent of increasing its value or usability.
IMPROVEMENT RATIO
The comparative value of a improved piece of land to its natural, unaltered state.
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.