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Land Terms

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Iceberg

Great mass of ice broken from a glacier and floating in the sea, found in most northerly and southerly areas of the world's oceans

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Implied warranty of habitability

A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

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Impound account

A trust account established to set aside funds for future needs

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Improved land

Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land

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Improvements

Valuable additions made to property, amounting to more than repairs, costing labor and capital and intended to enhance the value of the property. Improvements of land would include grading, sidewalks, sewers, streets, utilities, etc. Improvements on land would include buildings, fences, and the like.

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In-holding

A piece of private ground surrounded by the National Forest. These usually started as mining claims.

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Inalienable

A right that cannot be transferred, taken away, or altered by any operation of law.

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Incentive zoning

Zoning regulations meant to encourage or mandate certain uses within buildings, neighborhoods, or developments. For example, retail shops and restaurants might be required to occupy the ground floor of an office or residential apartment building.

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Inch (in)

A unit of length used in the English system of measurement, equal to 1/12 (0.0833) of one (1) foot, or 2.54 centimeters (cm). For more inch conversion factors, equivalents, and examples, see Inch (in) conversions and equivalents and the various Converting inches to... examples.

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Inch (in) equivalents and conversions

An inch (in) is a unit of length used in the English system of measurement.
One (1) inch is equal to 0.0833 feet.
One (1) inch is equal to 2.54 centimeters (cm).
One (1) inch is equal to 0.1262 links.
One (1) inch is equal to 0.0278 yards.
One (1) inch is equal to 0.0051 rods, poles, or perches.
One (1) inch is equal to 0.0013 chains.
One (1) inch is equal to 0.00013 furlongs.
One (1) inch is equal to 0.00002 miles.
One (1) inch is equal to 0.0254 meter (m).
One (1) inch is equal to 0.00003 kilometers (km).
For conversion examples, see the various Converting inches to... entries.

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Income

The revenue (monetary or non-monetary receipts) earned by a company, individual, corporation, etc. in return for labor, services, goods, investments, property, or operations.

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Income approach

An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life

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Income property

Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential

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Incorporeal property

Real or personal property that exists in concept rather than having physical form; usually incorporeal property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Intangible property.

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Incorporeal rights

Intangible, abstract, or non-possessory rights in real property such as easements, licenses, profits, estates, community property, and the like.
Same as Incorporeal property or Intangible property.

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Indefeasible

That which cannot be voided, altered, challenged, undone, cancelled, defeated, or annulled.

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Indefeasible estate

A right or interest in real property that cannot be voided, altered, challenged, undone, cancelled, defeated, or annulled. Same as "Indefeasible title".

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Indefeasible title

1. A right or interest in real property that cannot be voided, altered, challenged, undone, cancelled, defeated, or annulled. Same as "Indefeasible estate".
2. Title to real property, the validity of which is guaranteed by the state under the Torrens system of land registration.

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Independent contractor

One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control.

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Index popular

A scale comparing relative values with each other or a predetermined reference.

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Index Rate

A measure of interest rate changes. Usually used to determine changes in an ARM’s (Adjustable Rate Mortgage) interest rate over the term of the loan.

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Industrial park

An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

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Industrial zoning

A zoning classification that allows activities such as manufacturing, trucking, shipping, warehouses, factories, and power plants. Industrial zoning is usually sub-classified into light industrial and heavy industrial zones or zoning districts.

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Infiltration

The process by which precipitation enters sub-surface layers of the soil; some is held as soil moisture recharge, some resurfaces as streamflow, and the remainder becomes part of groundwater flows (aquifers).

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