Glossary

I

IMPLIED EASEMENT – An encroachment upon property that has been left unchallenged for a long period of time. One that is apparent by long and continued use.

IMPROVED VALUE – (i) That portion of the current market value of a property, which is in excess of its cost and which may be expected to persist. The expected permanence of the excess is due to an anticipated increase in the value of the land, or reproduction cost of the building, or both. Usually, this condition is found in new and rapidly developing districts. (ii) The combined value of land and all improvements thereon as distinguished from their separate values.

IMPROVEMENTS – In relation to land means all works actually done or material used on and for the benefit of the land, but in so far only as the effect of such work done or material used increases the value of the land, and the benefit thereof is unexhausted at the time of valuation; but does not include work done or material used for the benefit of the land by the Crown or by any statutory public body. Improvements can take the form of buildings, fences, driveways, retaining walls, etc.

INCOME PROPERTY – A property in which the income is derived from commercial rentals or in which the returns attributable to the real estate can be so segregated as to permit direct estimation. The income production may be in several forms; e.g. commercial rents, business profits attributable to real estate other than rents etc.

INCREMENT – An increase; most frequently used to refer to the increase in the value of land that accompanies population growth and increasing wealth in the community. The term unearned increment is used in this connection since values are supposed to increase without effort on the part of the owner.

INDEMNITY INSURANCE – Insurance carried by a member of a profession or industry body (for example, a prescribed building practitioner or conveyancing solicitor) designed to protect the buyer/s from loss owing to the negligence or criminal actions of the professional acting on his/her behalf.

INDUSTRIAL AGENT – A real estate agent specialising in the listing, selling and leasing of industrial properties.

INDUSTRIAL BUILDING – A building designed and used primarily for industrial and commercial purposes. Any structure used for manufacturing and general business purposes, such as a factory, assembly plant, warehouse etc.

INDUSTRIAL ESTATE – An area of land subdivided for the purpose of industrial development.

INDUSTRIAL PARK – A controlled, park-like development, designed to accommodate specific types of industry, and providing the required appurtenances such as public utilities, streets, railroad sidings, water and sewerage facilities, etc.

INDUSTRIAL PROPERTY – Land zoned and suited for the construction of factories, warehouses and other similar industrial purposes.

INSULATION – A heat-retarding material applied in outside walls, top-flooring ceiling or in roof to prevent passage of heat or cold into or out of the house. Also, the process of insulating a house.

INSURANCE – A method of guaranteeing or indemnifying an individual or company against loss from a specified hazard. For the payment of an agreed premium, the insurer issues a policy to the insured that gives financial protection for a stated period of time.

INVESTMENT – Monies placed in a property with the expectation of producing a profit, assuming a reasonable degree of safety and ultimate recover of principle; especially for permanent use, as opposed to speculation.

INVESTMENT PROPERTY – That real estate property which a person would invest in to get a return on money.

INVISIBLE IMPROVEMENT – Those improvements to land which are not visually apparent. They are general improvements to the land itself and are difficult to ascertain and assess as they have merged with the land, e.g. cutting and filling, reclamations, timber treatment and eradication of pests and noxious weeds.