Index lease

A lease that allows the rent to be increased or decreased periodically, based on changes in the selected economic index, such as the Consumer Price Index.

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Independent contractor

One who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result, and not as to how he or she performs the act. Unlike an employee, an independent contractor pays all of his or her expenses, pays his or her income […]

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Increasing returns

The principle that applies when increased expenditures for improvements to a given parcel of land yield an increasing percentage return on investment.

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Income approach

The process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life.

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Improvement

Improvements on land: any structure, usually privately owned, erected on a site to enhance the value of the property; 2. Improvements to land: usually a publicly owned structure.

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Implied grant

A method of creating an easement. One party may be using another’s property for the benefit of both parties.

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