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Real Estate Glossary
Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
- Structural steel beam with a letter I shaped cross-section. I-beams are used for support with long spans such as basement beams or over wide openings. I-beams should always be slightly larger than the calculated size, ensuring enough strength for the weight it will support.
- Ice Dams
- Build up of ice which occurs when snow piles up on the roof of a house, melts and runs down the roof, freezing just about the time it reaches the eaves. Gradually the ice forms a dam which blocks the water behind it so that it can't run off and eventually seeps under the shingles and building paper, soaking through the wood and runs down into the house, causing water damage.
- To operate with gears disengaged.
- Transmitting power but not operating.
- To cause to be inactive or unemployed.
- Igneous Rock
- Rock formed by volcanic action or intense heat, as rocks solidified from molten magma, which is liquid or molten rock deep in the earth. Granite and basalt are two types used in construction.
- To set on fire.
- An investment that cannot be quickly sold or converted to cash without incurring a significant loss. Real estate is generally an illiquid investment.
- Inadequate cash to meet obligations. Real estate is an illiquid asset because of the time and effort required to convert it to cash.
- A characteristic of an investment indicating an inability to sell or convert to cash in a short period.
- To light up. To brighten.
- To explain or make clear.
- Impact Noise Rating
- Rating system to indicate how much noise is transferred through a ceiling or floor when walking or moving furniture.
- Impact Resistance
- Ability to ward off damage that occurs from a sudden force.
- Impact Wrench
- Powered wrench, which drives a socket fitted over a bolt and exerts an adjustable amount of torque to the fastener with rotary impact blows.
- Impaired Credit
- Decline in the credit status of a prospective borrower.
- Impact Fees
- Fees that must be paid by developers of new homes and subdivisions to pay for town facilities such as schools and parks.
- Total opposition to the current flow in an AC electrical circuit, which is equal to the square root of the sum of the squares of resistance and reaction in the circuit. The circuit voltage divided by the circuit impedance and the flow of current in an AC circuit are equal.
- Used most often when pressure is needed in a system or fluid must be moved upward, it consists of a rotating wheel with vanes, inside a casing, for example a centrifugal pump. The fluid that goes into the center of the spinning impeller is flung to the outer edges by use of centrifugal force, which gives velocity to the fluid due to the rotational speed of the impeller. The flow of the fluid is directed through the pump casing discharge outlet by the casing around the impeller. An impeller can be used with a number of fluids.
- Imperial Gallon
- Liquid measure which equals 1 ¼ U.S. gallons or 160 ounces.
- Ability to stop fluids from passing through. For example, certain materials, such as plastic sheeting, resist penetration by water.
- Incapable of having things passed through to penetrate.
- Not being affected by something.
- Any article or device used in any given activity; tools, instruments, utensils, etc.
- To provide the means for carrying out an act or to use.
- Something that is inferred but is not explicitly stated and may be deducted from relevant information.
- 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.
- Bursting inward.
- A column that supports the end of an arch.
- Load bearing portion of a wall.
- Impound Account
- A fund set aside for future needs.
- That portion of a monthly mortgage payment which is placed in an account to be used to pay for property taxes, private mortgage insurance and insurance.
- To fill or saturate all of the spaces of any item with another substance.
- A mark, imprint, dent or something made by physical pressure.
- An imitation of the behavior of someone else.
- Improved Land
- Land that has been developed for use and has had installation of such utilities as water, sewer, roads and building structures. These improvements make the raw land increase its usability, thereby increasing the market value.
- Change to a house that adds value, prolongs its use or adapts it to different use.
- Impulse Resistance Welding
- Electric resistance welding with the use of electric current pulses.