REA-FC1 2025

A method of calculating for tax purposes the depreciation of income property at a faster rate than would be achieved using the straight-line method.

• Straight-line depreciation

• Accelerated depreciation

• Declining balance depreciation

• Sum-of-the-years'-digits depreciation

The party appointed by the county court to settle the estate of a deceased person who died without leaving a will.

• Executor

• Trustee

• Administrator

• Guardian

The actual depreciation that has occurred to a property at any given date; the difference between the cost of replacement new (as of the date of the appraisal) and the present appraised value.

• Accrued depreciation

• Market value

• Replacement cost

• Functional obsolescence

The joining, reaching, or touching of adjoining land. Abutting parcels of land have a common boundary.

• Adjoining

• Adjacent

• Abutting

• Contiguous

A written statement signed and sworn to before a person authorized to administer an oath.

• Affidavit

• Testament

• Declaration

• Contract

The right to use the open space above one’s property.

• Air rights

• Land use rights

• Property easement

• Zoning rights

A declaration made by a person to a notary public or other public official authorized to take acknowledgments that an instrument was executed by him or her as a free and voluntary act.

• Acknowledgment

• Affidavit

• Testament

• Power of Attorney

A tax levied according to value; generally used to refer to real estate tax.

• Ad Valorem tax

• Flat tax

• Progressive tax

• Sales tax

The act of transferring property to another.

• Alienation

• Acquisition

• Retention

• Abandonment

The actual, visible, hostile, notorious, exclusive, and continuous possession of another’s land under a claim to title.

• Adverse Possession

• Easement

• License

• Tenancy