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  • Income property: Property that produces rent.

  • Increment: An increase. Most frequently used to refer to the increase of value of land that accompanies population growth and increasing wealth in the community. The term unearned increment is used in this connection since values Are supposed to have increased without effort on the part of the owner.

  • Ingress: Means of entering property.

  • Inherit: To acquire property by will or succession.

  • Injunction: A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act that is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.

  • Installment Note : Note that provides that payments of a certain sum or amount be paid on the dates specified in the instrument.

  • Installment Sales Contract : A land contract.

  • Instrument: Written legal document created to effect the rights of the parties.

  • Intangible Value: An asset that is not physical. Goodwill, patent rights, etc.

  • Interest Rate: The percentage of a sum of money charged for its use.

  • Intestate: A person who dies having made no will.

  • Intestate Succession: Inheriting property when the deceased had no will or a defective will.

  • Inventory : A list of the stock and fixtures of a business.

  • Inverse Condemnation: When the government damages property and the owner sues the government for damages.

  • Involuntary Conveyance: Transfer of title without the owner's permission.

  • Involuntary Lien: A lien imposed against property without consent of an owner: taxes, special assessments, federal income tax liens, etc.

  • Irrevocable: Incapable of being recalled or revoked: unchangeable.

  • Irrigation Districts: Quasi-political districts created under special laws to provide for water services to property owners in the district: an operation governed to a great extent by law.

  • Joint And Several Note: A note signed by two or more persons in which they are liable jointly and individually for the full amount of the loan.

  • Joint Note: Note signed by two or more persons who each have liability for payment of part of the loan.

  • Joint Tenancy: Joint ownership by two or more persons with right of survivorship: all joint tenants own equal interest and have equal rights in the property.

  • Joint Venture: A syndicate formed for a single purpose.

  • Judgment: The final determination of a court of competent jurisdiction of a matter presented to it: money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.

  • Junior Lien: Lien that does not have first priority.

  • Junior Trust Deed: Trust deed that does not have first priority.

  • Jurisdiction: The authority by which judicial officers take cognizance of and decide causes: the power to hear and determine a cause: the right and power that a judicial officer has to enter upon the inquiry.

  • Key Lot: Lot that has adjoining on its side the rear of another lot.

  • Laches: Delay or negligence in asserting one's legal rights.

  • Land Contract: A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer, often used when property is sold on small down payment.

  • Land Residual : A method of appraising. The value of the building is subtracted from the value of the property, leaving the value of the land.

  • Land Sales Contract: A land contract.

  • Lateral Support: The support that the soil of an adjoining owner gives to his neighbor's land.

  • Lawful Object: Legal purpose. One of the four essential elements of a contract.

  • Lease: Contract between the owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy.

  • Leasehold; the interest of one who leases property. A less than freehold estate.

  • Legacy: A gift of personal property by will.

  • Legal Description: A description recognized by law: a description by which property can be definitely located by reference to government surveys or approved recorded maps.

  • Legatee: Person to whom personal property is given by will.

  • Less-Than-Freehold Estate: The interest of one who leases property. The right of exclusive possession. A leasehold.

  • Lessee: One who contracts to rent property under a lease contract.

  • Lessor: An owner who enters into a lease with a tenant

  • Leverage : Making money with borrowed money.

  • Liabilities . The debts owed by a business.

  • License : Personal, revocable, non-assignable permission to do some act on the land of another.

  • Lien: A form of encumbrance that usually makes property security for the payment of a debt or discharge of an obligation: examples - judgments, taxes, mortgages, deed of trust, etc.

  • Life Estate: Estate limited in duration to the life or lives of one or more designated persons.

  • Limited Partnership: Partnership composed of some partners whose contribution and liability are limited.

  • Liquid Assets: Assets readily convertible to cash.

  • Liquidate: Selling property to secure cash.

  • Liquidate Damages Clause : A clause in a contract specifying the damages in the event of a breach of contract.

  • Lis Pendens: Suit pending, usually recorded so as to give constructive notice of pending litigation.

  • Listing: Employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter's property.

  • Loan Broker: Person who negotiates the loans.

  • Loan Closing: When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage and disbursal of funds.

  • Loan Commitment: Lender's contractual commitment to a loan based upon the appraisal and underwriting.

  • Loan-To-Value Ratio: The amount of the loan expressed as a percentage of the appraised value.

  • M.A.I.: Member of the Appraisal Institute.

  • Margin of Security: The difference between the amount of the mortgage loan and the appraised value of the property.

  • Marginal Land : Land that barely pays the cost of working or using.

  • Market Data Approach: One of the three methods in the appraisal process. A means of comparing similar type residential properties, that have recently sold, to the subject property.

  • Market Price: The price paid, regardless of pressures, motives or intelligence.

  • Master Plan: General plan for the future development of a community.

  • Material Fact: Fact is material if it is one that the agent should realize would be likely to affect the judgment of the principal in giving his consent to the agent to enter into the particular transaction on the specified terms.

  • Mechanic's Lien: A lien placed on property by laborers and material suppliers who have contributed to a work of improvement.

  • Megalopolis: Large geographical area composed of a group of adjacent cities.

  • Menace: A threat to commit duress.

  • Meridians: Imaginary north-south lines that intersect base lines to form a starting point for the measurement of land.

  • Metes & Bounds: Term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angle.

  • Mile: 5,280 lineal feet.

  • Minors: All persons under the age of majority, usually 18.

  • Misplaced Improvements: Improvements on land that do not conform to the most profitable use of the site.

  • Monument: A fixed object and point established by surveyors to establish land locations.

  • Moratorium: the temporary suspension, usually by statute, of the enforcement of liability for debt.

  • Mortgage: An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation: procedure for foreclosure, in event of default, is established by statue.

  • Mortgage Guaranty Insurance: Insurance against financial loss available to mortgage lenders from a private company.

  • Mortgagee: One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation: a lender.

  • Mortgagor: One who gives a mortgage on his property to secure a loan or assure performance of an obligation: a borrower.

  • Multiple Listing: A listing, usually an exclusive right to sell, taken by a member of an organization composed of real estate brokers, with the provision that all members will have the opportunity to find an interested client: a cooperative listing.

  • Mutual Consent: Agreement. Usually evidenced by an offer and an acceptance. One of four essential elements of a contract.

  • Mutual Water Company : A water company organized by or for water users in a given district with the object of securing an ample water supply at a reasonable rate. Stock is issued to users.

  • N.A.R.: National Association of Realtors.

  • Naked Legal Title: The right to sell the property if the trustor defaults. This right is given by the trustor to the trustee in a trust deed.

  • Narrative Appraisal: Summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his value conclusions.

  • Negotiable: Capable of being negotiated: assignable or transferable in the ordinary course of business.

  • Net Income: Gross income of income property minus the vacancies and allowable expenses equals the net income.

  • Net Listing: A listing that provides that the agent may retain as compensation for his services all sums received over and above a net price to the owner.

  • Net Worth: The assets of a business or individual minus the liabilities equals the net worth.

  • Notarize : To witness a signature on a document and to place a notary public's seal on that document.

  • Notary Public: An official of the state who witnesses an acknowledgment by a person who has signed a document.

  • Note: A signed written instrument acknowledging a debt and promising payment.

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