"I" Vocab

Question 1

Implied Contract

Answer 1

a contract where the agreement of the parties is created by their conduct

Question 2

Improvement

Answer 2

human–made addition to Real Estate

Question 3

Income Capitalization Approach

Answer 3

a method of estimating the value of income–producing property by dividing its expected annual net operating income of the property by a capitalization rate

Question 4

Income Property

Answer 4

real estate developed or improved to produce income

Question 5

incorporeal right

Answer 5

intangivle, non–possessory rights in RE such as an easement or right of way

Question 6

installment loan

Answer 6

borrowed money that is repiad in periodic payments, known as installments

Question 7

insured mortgage

Answer 7

a morgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (PMI). If borrower defaults on the loan, the insurer must pay the lender the insured amount

Question 8

Interest

Answer 8

“1) a fee charged by a lender for the use of the money loaned
2) a share of ownership in real estate”

Question 9

Intestate

Answer 9

to die without having authored a valid will

Question 10

Investment property

Answer 10

a property not occupied by the owner