Impact Noise Rating
Rating system to indicate how much noise is transferred through a ceiling or floor when walking or moving furniture.

Impact Fees
Fees that must be paid by developers of new homes and subdivisions to pay for town facilities such as schools and parks.

Implied Condition
A provision not explicitly stated in an agreement but considered an important item.

Implied Contract
An agreement created by actions of the parties involved but not written or spoken.

Implied Easement
Property that is used consistently for many years without challenge by the actual owner.

Implied Warranty
Under law, there is an express warranty that real estate sold is appropriate for sale and is in proper condition even if not stated.

Implied Warranty of Habitability
Legal Doctrine: all new homes are assumed to meet all building codes and are fit for habitation.

Income Property
Property that is used to generate income, i.e. rented to others as either commercial or residential.

Income Statement
The income statement shows the cash flow for an entire accounting period, usually a quarter. The income statement is included in the annual report of the real estate corporation.

Index of Residential Construction Cost
Index of the costs to construct residential properties.

Indexed Loan
A long-term loan in which the term, payment, interest rate or principal amount may be adjusted periodically according to a specific index, which is usually stated in the loan agreement.

Industrial Zoning
Category of property zoning that designates property to be used for industrial purposes.

Inflation
Increasing price levels. A loss in the purchasing power of money. When a dollar today is worth more than that dollar tomorrow.

Inflation Equity
Increase in the value of property brought on by inflation.

Inheritance Tax
State tax based on the value of property received through inheritance. (Tax is in the US and in England.)