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- imperfect market
A market in which (similar) properties are traded for either more or less than actual Market Value.
- improvement
A structural addition to the land which can be considered to be a fixture.
- income method
An appraisal method, also called the Investment Method, which is typically used for income producing properties. It converts the income stream produced by the property into a market value for the property by using a Capitalization Rate.
- income statement
A financial statement which lists the revenues and expenses of a business organization for a stated period of time. Also called a profit and loss statement.
- income tax
That part of taxable income which a person or corporation is required to forward to Revenue Canada periodically.
- incurable depreciation
Wear and tear or outmoded design which can only be corrected at considerable expense and, in fact, correction may be cost-prohibitive (e.g., narrow hallways). Contrast with Curable Depreciation.
- indefeasibility
A legal principle. In B.C., subject to certain statutory exceptions, the Title Register is conclusive evidence that the person named as holding an estate in land is in fact entitled to that interest, and his holding is not subject to any condition or encumbrance other than those shown on the Title Register.
- indenture
A document or deed, expressing certain objects between two or more parties.
- infant
In B.C., a person under 19 years of age which, generally speaking, is the age of legal competence.
- inflation
A rise in the average price level.
- injunction
A court order which either restrains a party from doing something or requires a party to do something.
- insurable value
The estimated value of a property for insurance purposes.
- interest
The dollar value which represents the cost of borrowing or the benefit of lending money.
- interest accruing loan
Debt which is paid off as one lump sum, including principal plus accumulated compound interest.
- interest adjustment
The process of calculating compound interest payable on the amount borrowed between the day the monies are advanced and the day the amortization period starts.
- interest rate
The percentage rate that represents the cost of borrowing or the benefit of lending money.
- interest-only loan
A loan which is serviced by interest-only payments. At the end of the term the full principal plus interest for the last payment period of the loan is still owing.
- investment
The spending of capital today in order to receive benefits in the future (e.g., the purchase of a Canada Savings Bond which pays interest periodically). Contrast to Consumption.
- invitation to treat
A type of advertisement used by one to induce the public or some individual to submit their own offers. An invitation to treat is not an offer capable of acceptance to form a contract.
