A property owner executes and delivers a deed transferring a parcel of land to a local nonprofit organization as a gift, with no money or other consideration exchanged. Under California law, which of the following best describes the validity of this transfer?
Correct Answer
D) Valid, because California law recognizes gift deeds as effective without monetary consideration provided the deed is delivered and accepted
Under California Civil Code §1146, a grant of real property does not require monetary consideration to be valid. A gift deed is legally effective in California when the grantor intends to transfer title, the deed is delivered to the grantee, and the grantee accepts it. These elements satisfy the requirements for a valid conveyance without any exchange of money.
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Under California Business and Professions Code §10145 and Commissioner's Regulation 2832, by when must a broker deposit a buyer's personal check received as an earnest money deposit into the broker's trust account?
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