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Ever had that moment when a real estate definition leaves you with more questions than answers, causing a wave of irritation? Yeah... us too.

Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

Implied Agency
"Implied agency" is a term used in real estate to describe a relationship that is not written down but is created by the actions and representations of either the agent or the principal. This means that even if there is no formal agreement,... (Read more)
Implied Contract
An implied contract in real estate is like an agreement between two parties that is not written down, but still exists based on their actions and behavior. It's a kind of understanding between a buyer and seller, or a landlord and tenant, that... (Read more)
An improvement in real estate refers to any permanent structure or feature that is attached to a piece of land or property. This includes buildings, fences, swimming pools, or any other item that is affixed to the land in a way that removing... (Read more)
Income Approach
The income approach is one of the three main approaches used by real estate appraisers to estimate the value of a property. This approach is based on the principle that the value of a property is directly related to the income that can be... (Read more)
Income Capitalization
Income capitalization is a way to figure out how much a property is worth based on the money it can make. Think of it like this: if you have a lemonade stand that earns a certain amount of money each year, you can use that information to figure... (Read more)
Income Multipliers
Income multipliers are a simple way to figure out how much a property is worth based on the money it can make. It's like a special number that helps you compare the income a property generates to its price. This method is often used when... (Read more)
Income Ratio
The income ratio is a financial measurement that compares how much money you earn to how much money you spend on certain expenses like housing or debt payments. It is calculated by dividing your monthly income by your monthly expenses for... (Read more)
Independent Contractor
an independent contractor is someone who works for themselves and is hired by a company or individual to complete a specific job or project. They are not an employee of the company or individual and are responsible for paying their own taxes... (Read more)
Independent Fee Appraiser
an independent fee appraiser is someone who assesses the value of a property and provides a report for a fee. They work independently and are not affiliated with any particular real estate company. They are hired by lenders, attorneys,... (Read more)
Index Lease
An Index Lease is a type of rental agreement where the amount of rent you pay can change over time, based on something like the cost of living or inflation. This helps make sure that the rent stays fair for both the person renting the place... (Read more)
Inferior Lien (Junior Liens)
An inferior lien is a type of claim or debt on a property that has a lower priority compared to other debts. If the property is sold, the debts with higher priority get paid first, and the inferior lien only gets paid if there's any... (Read more)
An injunction is a legal order given by a judge that tells someone to stop doing something or to do something specific. It's like a referee blowing the whistle in a game, making sure everyone follows... (Read more)
Installment Contract
See contract... (Read more)
Intended Use (for an appraisal report)
Intended use is the specific purpose or reason for which someone wants to know the value of a property, as stated in the appraisal report. It helps the appraiser know what to focus on when figuring out how much the property... (Read more)
Interest (various types)
Interest has several meanings when it comes to real estate. 1) It's a right or ownership in a property. 2) It's the extra money you pay to a lender for letting you borrow money to buy the property, like renting the... (Read more)
Interest Rate
An interest rate is the percentage of money that you pay extra when you borrow money, like a loan, or the extra money you earn when you save or invest money. It's like the cost of using someone else's money or the reward for letting them... (Read more)
Intermediation is when someone or something acts as a go-between or helper, connecting people or businesses that need something with those who can provide it. In the world of finance and real estate, this usually means banks or other... (Read more)
Internal Rate of Return (IRR)
The Internal Rate of Return (IRR) is a way to measure how good an investment is, like buying a property that makes money through rent. It's a percentage that shows how much money you can expect to make each year, compared to the amount of money... (Read more)
Interpolation is a way to estimate or guess a value that falls between two known values. It's like connecting the dots on a graph to figure out what the value would be at a specific point in between... (Read more)
Interval ownership (Time-share)
Interval ownership, also known as time-share, is a way for several people to share the ownership of a vacation property, like a beach house or a ski lodge. Each person gets to use the property for a specific period each year, and they share... (Read more)
Intestate means that someone has passed away without leaving a will, which is a legal document that tells people what to do with their money, property, and other belongings after they're gone. When this happens, the law decides how to divide... (Read more)
Investment Value
Investment value is the amount of money that an investor thinks a property or investment is worth, based on their specific goals, needs, or expectations. It's like putting a price on something, considering how much it could help them achieve... (Read more)
Involuntary Alienation
Involuntary alienation is when someone loses ownership of their property without choosing to do so. It can happen for various reasons, like not paying taxes or breaking the law, and the government or someone else takes the... (Read more)
Involuntary Lien
An involuntary lien is a claim made against someone's property without their consent, usually because they owe money or have failed to meet certain legal obligations. It's like someone placing a lock on your things until you pay them what... (Read more)
IRV is an acronym for Income, Rate, and Value. It's a formula used to estimate the value of a property based on its net operating income and the capitalization rate. In simpler terms, it's a way to figure out how much a property is worth based... (Read more)