Definitions (I)

Real Estate Glossary - Meanings, Terms, & Acronyms

IDX
(Internet Data Exchange) Allows real estate brokers to advertise each other’s listings posted to listing databases such as the multiple listing service and listing syndication site.

IMPOUNDS OR RESERVES

Terms used to mean “escrow” in some parts of the country.

INCOME APPROACH TO VALUE

A method of estimating property value by capitalizing net property income.

INCOME LIMITS
Family income limits established by law, based on family size and geographic location, for eligibility for certain government subsidized housing programs.

INCOMPETENT

A person who is incapable of binding himself to an enforceable obligation.

INCLUSIONS

Fixtures or personal property that are included in a contract or offer to purchase.

INDEMNITY
A letter or statement wherein one party agrees to hold harmless another party from loss or damage.

INDEX/INDEX RATE
A published interest rate, such as the prime rate, LIBOR, T-Bill rate, or the 11th District COFI. Lenders use indexes to establish interest rates charged on mortgages or to compare investment returns. On ARMs, a predetermined margin is added to the index to compute the interest rate adjustment.

INGRESS AND EGRESS

The liberty of entrance and exit from property.

INDEPENDENT CONTRACTOR
A real estate sales agent who conducts real estate business through a broker. This agent does not receive salary or benefits from the broker.

INDIAN RESERVATION
All land located within the limits of any Indian reservation under the jurisdiction of the United States notwithstanding the issuance of any patent and including rights‐of‐way running through the reservation; trust or restricted land located within the boundaries of a former reservation of a Federally recognized Indian tribe in the State of Oklahoma; or all Indian allotments, the titles to which have not been extinguished if such allotments are subject to the jurisdiction of a Federally recognized Indian tribe.

INPUTTING
The process of entering new listings or changes to a current listing in the multiple listing services.

INSTALLMENT
The regular payment that a borrower agrees to pay a mortgage lender.

INSTALLMENT LAND CONTRACT

A contract in which the buyer takes possession of the property while the seller retains the title to the property until the loan is paid.

INTESTATE

A person who dies without leaving a will.

INTEREST

Amount of money paid for the use of funds provided by another party. Also a right, share, or title in property.

INTEREST RATE

The percentage of an amount of money that is paid for its use for a specified time.

INTEREST RATE CAP

A provision of an ARM limiting how much the interest rate may increase per adjustment period. See also Lifetime Cap.

INTEREST RATE FLOAT

The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate.

INTEREST RATE LOCK

When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock.

INVESTMENT PROPERTY
Real estate owned with the intent of supplementing income and not intended for owner occupancy.