Title to an owner’s real estate can be trans- ferred at the death of the owner by
Correct Answer
D) last will and testament.
a last will and testament is the instrument by which a property owner voluntarily directs the transfer of their real estate upon death, operating through the probate process under California Probate Code. A will (specifically called a 'devise' when it transfers real property) allows the testator to name specific beneficiaries and override California's default intestate succession rules. No deed is required because the probate court issues an order confirming title transfer to the named devisees, which is then recorded to establish clear chain of title.
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Community property is a system where property acquired during a marriage is owned equally by both spouses.
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- → A buyer records a deed at the county recorder's office. What is the primary purpose of recording?
- → A buyer drives past the property and sees someone other than the seller living there and maintaining the yard. This observation should put the buyer on what type of notice?
- → In a covered purchase transaction, the borrower receives a final form showing the loan terms, cash to close, and settlement charges shortly before consummation. What form is this?
- → Along with the signed offer, Quinn Brooks delivers a check to demonstrate serious intent to complete the transaction if the offer is accepted. What is this deposit called?
- → On a settlement statement, the buyer's earnest money reduces the remaining cash needed to close. How is that item characterized?
- → On a settlement statement, an item increases the buyer's amount due at closing. How is that item characterized?
- → On the seller's settlement statement, the purchase price of $400,000 appears as what?
- → At closing, the purchase price of $350,000 appears on the buyer's side of the settlement statement. Is this amount a debit or a credit to the buyer?
- → Under TRID rules, the lender must deliver the Closing Disclosure to the borrower at least how many business days before loan consummation?
- → In an escrow closing, the escrow agent discovers that the seller has not yet provided the signed deed. What should the escrow agent do?
