Dictionary

Income Approach

Definition:   A method for estimating the market value of a property as determined by the amount of income it will provide over its remaining economic life. Pronunciation:   \ˈin-ˌkəm\ \ə-ˈprōch\ Used in...

Income

Definition:    Income that is earned from work, investments, business, etc. Pronunciation:   \ˈin-ˌkəm\ Used in a Sentence:   Our annual income was adequate to qualify for the loan amount needed.

Improvement

Definition:   A valuable addition made to real property that increases its value, not repairs. Pronunciation:   \im-ˈprüv-mənt\ Used in a Sentence:    The addition of another bathroom to the house was...

Implied Listing

Definition:   A listing that arises by implication from the conduct of the broker and the seller and may be enforceable even though not in writing. Pronunciation:   \im-ˈplīd\ \ˈlis-tiŋ\ Used in a...

Implied Contract

Definition:    An unwritten contract where the terms are inferred from the actions of the parties. Pronunciation:    \im-ˈplīd\ \ˈkän-ˌtrakt\ Used in a Sentence:   We had an implied contract with the agent....

Implied

Definition:  Expressed indirectly (e.g. an implied contract) Pronunciation:    \im-ˈplī\ Used in a Sentence:   His words implied a contract was possible.