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| Improper expenses - Expenses incurred in the ownership of income-producing property that are not used to calculate vale in the income approach. |
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| Improvement - Anything done to raw land with the intention of increasing its vale. Thus a structure erected on the property constitutes one very common type of improvement, although other actions, such as those taken to improve drainage, are also improvements. Although such cases are rarely intentional, ôimprovementsö can conceivably diminish the value of the land; note, however, that easements restricting the use and value of land are not considered improvements. |
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| Income - The payments to its owner that a property is able to produce in a given time span, usually a year, and usually net of certain expenses of the property. |
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| Income approach - One of the tree approaches to value, the income approach uses capitalization to convert the anticipated benefits of the ownership of property inot an estimate of present value. |
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| Income path - The series of payments from an investment expressed as a [percentage of the first year's payment; the plot or trajectory of the income stream. |
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| Income stream - The series of payments (usually net income payments) receivable from an investment over the life of the investment. The series, of course, maybe of any conceivable nature, including a constant series of equal payments (level), a series of decreasing payments that decrease by equal amount each period (arithmetically decreasing), a series of increasing payments that grow large each period at a constant rate (geometrically increasing.) and so on. |
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| Indirect capitalization. - See yield capitalization . |
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| Inferior goods - Goods, the consumption of which decreases as consumer income increases. |
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| Inputs - See factors of production . |
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| Instrument - A formal legal document such as a deed, contract, will, or lease. |
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