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IEREP
IEREP is the Institute of Equestrian Real Estate Professionals.Improved Land
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.Improvement Ratio
The comparative value of an improved piece of land to its natural, unaltered state.Improvements
Any item added to vacant land with the intent of increasing its value or usability.Income Approach
The process of estimating the value of property by considering the present value of a stream of income generated by the property.Income Property
A piece of property whose highest and best use is the generation of income through rents or other sources.Independent Appraisal
An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.Index
The published index of interest rates on a publicly traded debt security used to calculate the interest rate for an ARM. The index is usually an average of the interest rates on a particular type of security such as the LIBOR.Individual Retirement Account (IRA)
A tax-deferred plan that can help build a retirement nest egg.Inflation
An increase in the general level of prices.Inquiry
A request for a copy of your credit report. An inquiry occurs every time you fill out a credit application and/or request more credit. Too many inquiries on a credit report can lower your credit score.Inspection
The examination of a piece of property, its buildings or other amenities.Insurable Title
The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear.Interest
The cost you pay to borrow money. It is the payment you make to a lender for the money it has lent to you. Interest is usually expressed as a percentage of the amount borrowed.Interest Only Loan
A non-amortizing loan in which the lender receives only interest during the term of the loan and the principal is repaid at maturity.Interest Rate
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.Internal Rate of Return
The internal rate of return (IRR) is a capital budgeting method used by firms to decide whether they should make long term investments. The IRR is defined as any discount rate that results in a net present value of zero, and is usually interpreted as the expected return generated by the investment. In general, if the IRR is greater than the project's cost of capital or hurdle rate, the project will add value for the company.Investment Property
Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.IRR
Internal Rate of Return
