The person who acquires real property under the terms of a will is known as a

Devisee

Explanation:

A devisee is a person who receives the real property i.e land and building, machinery, etc.  by going through the term and conditions of the will.  

It can be any person whether he or she is a family member, relatives, friends, etc who acquired the property based on the will's terms and conditions. He or she has the full right to acquired that property as he or she name is mentioned in the will.

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