Ameraco

IMPLIED CONTRACT:
An agreement which is not reduced to writing but is created, under the common law, on the basis of the behavior of the parties which suggests that they are acting under an agreement.

IMPLIED WARRANTY:
A guarantee of the condition of a thing or the truth of a statement which is created as a result of the actions of a party but not written down.

IMPROVEMENTS:
Things added to vacant land with the view to increasing its usefulness and value, such as buildings, parking areas, drainage works, etc.

IMPROVEMENT RATIO:
A comparison of the value of the improvements of a property with the value of the property without the improvements.

INCOME APPROACH:
An appraisal technique whereby the potential of the property to produce income is used to assess its value.

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