Microsoft Word - GlossaryPart9

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Sep 4, 2023
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individual development account (IDA) programs Aid low- and very low-income households in setting up savings accounts used to purchase a home Ex. Part of Claire's job at the housing agency was to research and identify the best IDAs for their clients. industrial property A type of real property used for industry Ex. Examples are warehouses and factories. informed consent Agreement as to the agency relationship a consumer accepts after considering all options available Ex. Until a consumer understands the particulars of each agency agreement available, it is impossible to provide informed consent. infrastructure Community services such as water, sewer, utilities, schools, roadways, medical, fire and police support Ex. Because of inadequate infrastructure, a two-year moratorium on new developments was enacted by the planning board. initial cap The amount the interest rate may adjust up upon the first rate adjustment in an adjustable rate loan Ex. A loan has a margin of 2% and is based on an index, which is at 3%. The loan's initial interest rate is 5%. The loan's cap structure is 2/2/5. At the first adjustment, the index is at 4%, so the new interest rate is 6%. This is a 1% adjustment, below the initial cap of 2%. inspection contingency Contract clause that allows the buyer to terminate if an issue arises during the inspection that can't be successfully negotiated Ex. If a repair issue arises that's more than the buyer is willing to take on, the inspection contingency will allow the buyer to negotiate repairs, a sales price reduction, or terminate, receiving a refund of the earnest money. This must be accomplished during the inspection period. installment sale
Aka land contract; allows the seller to provide financing by providing credit to the buyer; buyer makes payments directly to seller Ex. When Ben bought Rachel's property, she used an installment sales contract to lend him some of the money for it, which Ben paid directly back to Rachel. insurable title A title against which there may be known defects (such as easements), but the title company has notified the parties of the defect and has agreed to insure against it (not list it as a policy exception) Ex. A key concern is that sellers who offer insurable title instead of marketable title may not have to clear up title problems that come up before closing. insurance estimation The combined value of a homeowner's belongings and the home replacement costs, should the dwelling be destroyed Ex. To make sure she purchased the correct amount of insurance for her new condo, Darlene worked up an insurance estimation. Insurance score A numerical rating that summarizes the likelihood of a person filing an insurance claim during the coverage period Ex. The buyers' insurance score helped them choose the best homeowners policy for their new condo. intentional misrepresentation Essentially the same as fraud; misrepresentation that occurs when the person knows better and intentionally remains silent or misstates the facts Ex. Debra was convicted of intentional misrepresentation for failing to disclose the snake infestation she knew to exist at her listing. interest (financing) The percentage fee charged on the amount loaned. Ex. Annual interest on a loan can be determined by multiplying the rate of interest by the principal balance. interest (property)
The right or claim a person has to property Ex. As a beneficiary to her grandmother's will, Susie has an interest in both the farm house and and the mountain chalet. International Codes® (I-Codes®) Created by the International Code Council to provide standards for residential construction across the country; aka I-Codes® Ex. As a custom home builder, Janice made certain she always complied with not only I-Codes®, but also her state and local building codes. Internet Data Exchange (IDX) Aka Broker Reciprocity, created by the National Association of REALTORS to enable brokers to share listing information across MLSs Ex. Patel used an IDX plug-in on his website to import listings in from the state's MLS. interpleader action When brokers deposit disputed escrow funds with the court and then obtain a discharge and release from any liability regarding the escrow account and the disputing parties Ex. When the dispute over the escrow funds in a failed transaction rose to a head, broker Christine decided it would be best to turn the funds over the court and file an interpleader action to extricate the brokerage from the situation. Interstate Land Sales Full Disclosure Act A federal law regulating interstate land sales Ex. The Interstate Land Sales Full Disclosure Act of passed in 1968 to help regulate interstate land sales and protect consumers from fraud and abuse in the sale or lease of land. Among other provisions, the Act requires land developers to register subdivisions of 100 or more non-exempt lots or condominium units. intestate Dying without a will Ex. When a person dies intestate, the laws of inheritance apply. intestate succession
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