Glossary - I
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Implied warranty of habitability: A legal doctrine that imposes
a duty on the landlord to make the leased premises habitable and ready
for occupancy and to continue to maintain them in a state of repair throughout
the entire term of the lease.
Income property: Real estate developed or improved to produce
income.
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 to how he/she performs the act.
Index: A number used to compute the interest rate for an adjustable-rate
mortgage (ARM). The index is generally a published number or percentage,
such as the average interest rate or yield on Treasury bills. A margin
is added to the index to determine the interest rate that will be charged
on the ARM. This interest rate is subject to any caps that are associated
with the mortgage.
Inflation: An increase in the amount of money or credit available
in relation to the amount of goods or services available, which causes
an increase in the general price level of goods and services. Over time,
inflation reduces the purchasing power of a dollar, making it worth less.
Ingress: A way to enter a property; the opposite of egress.
Installment: The regular periodic payment that a borrower agrees
to make to a lender.
Installment loan: Borrowed money that is repaid in equal payments,
known as installments. A furniture loan is often paid for as an installment
loan.
Insurance: A contract that provides compensation for specific
losses in exchange for a periodic payment. An individual contract is known
as an insurance policy, and the periodic payment is known as an insurance
premium.
Insurance binder: A document that states that insurance is temporarily
in effect. Because that coverage will expire by a specified date, a permanent
policy must be obtained before the expiration date.
Interest: The fee charged for borrowing money.
Interest rate: The arte of interest in effect for the monthly
payment due.
Investment property: A property that is not occupied by the owner.
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