Erosion - Condition caused by the gradual wearing away of soil by action of the elements or by running water. Usually tied to fluctuations in the Cost of Living Index. Escheat - The reverting of property to the state in the absence of heirs or other claimants. Estate - The degree, quantity, nature and extent of interest which a person owns in real property. Estate of Inheritance - An estate which may descend to heirs.
All freehold estates are estates of inheritance, except estates for life.
Estate For Years - An interest in real property by virtue of a contract, possession of which is for a definite and limited period of time. Estoppel - A legal theory under which a person is barred from asserting or denying a fact because of the person's previous acts or words. Exchange - A means of trading equities in two or more real properties, treated as a single transaction through a single escrow or as a deferred exchange through two or more escrows. Exclusive Agency Listing - A written instrument giving one agent the right for a specified time to sell a property, but reserving the right of the owner to sell the property himself without payment of a commission to the agent. Exclusive Right to Sell Listing - A written agreement between an owner and an agent giving the agent the right to collect a commission if the property is sold by anyone during the term of his agreement.