The real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based on a court order for liquidation. The executor of a will is the person chosen by the decedent during his or her lifetime to satisfy the terms of the will. Some duties of the executor are to manage property, pay creditors, and collect estate assets. The cost to operate, maintain, are manage income-producing property are immediately expensed in the income statement.
Popular Real Estate Terms
Determines the ability of soil to absorb and draw down water. A percolation test is essential to determine the location of a drainage field for waste disposal. ...
Area or county used in the census or other data gathering functions that has a population of 50,000 inhabitants or more. ...
Is a wholly owned government corporation administered by the Department of Housing and Urban Development. It does not by mortgages; it issues pass-through securities in which interest and ...
Broker employed by and therefore loyal to the buyer. ...
Property used consistently for many years by someone without challenge from the owner. Easement resulting from law such as the reasonable expectation that a purchaser of one or two ...
Building recognized because of its history, such as the Booth theater in Washington, Dc. The demolition of historical buildings is not permitted. Historical building modifications are ...
Depreciation method based on the anticipated useful life of the property, allowing for normal wear and tear. ...
Fibrous, fire-proofing material that was used in buildings and homes for insulation. ...
Digital real estate refers to virtual online properties or assets that hold value, akin to physical real estate in the tangible world. These digital assets include domain names, websites, ...
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