IMPROVED LAND
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.

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IMPROVEMENTS
Any item added to vacant land with the intent of increasing its value or usability.

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IMPROVEMENT RATIO​
The comparative value of a improved piece of land to its natural, unaltered state.

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INCOME APPROACH
The process of estimating the value of property by considering the present value of a stream of income generated by the property.

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INCOME PROPERTY
A piece of property whose highest and best use is the generation of income through rents or other sources.

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INDEPENDENT APPRAISAL
An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.

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INSPECTION
The examination of a piece of property, its buildings or other amenities.

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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.

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INTEREST RATE
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.

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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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Real Estate Definitions