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
Annual Percentage Rate (APR) is a measure of the cost of credit that must be reported by lenders under the Truth in Lending regulations. The Annual Percentage Rate (APR) takes into ...
Rule stating that the monthly mortgage payment, property taxes, and insurance should not exceed 25% of a family's monthly gross income, or about 35% for a Federal Housing Administration ...
Company formed for the purpose of owning securities of one or more real estate corporations and assuming control over their practices and management. The other corporations are generally ...
An early term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land. ...
Tax deduction for interest paid or accrued within the taxable year with respect to mortgage indebtedness. Interest is deductible on mortgages secured by principal and second homes. A ...
Group of rental occupants acting together. ...
Heterogeneous (as opposed to homogenous) means diverse in nature applied to a place or object composed of separate and distinct parts. In other words, heterogeneous describes something that ...
Legal practice followed in the American and English judicial systems of following the precedents of former decisions in deciding new cases. The application of this doctrine has not only ...
Agreement to exchange real estate upon specific terms. ...
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