California Real Estate Broker ExaminationTransfer of PropertyMedium
A homeowner, suffering from a serious illness, executes a will leaving all their real property to their adult child. This type of transfer of property upon death, guided by a valid will, is known as:
- AIntestate Succession
- BEscheat
- CTestate Succession
- DAdverse Possession
Show answer & explanationAnswer & explanation
Correct answer: C. Testate Succession
Testate succession refers to the transfer of property upon the death of an individual who has left a valid will, directing how their assets should be distributed.
Why the other options are wrong
- A. Intestate succession occurs when someone dies without a will.
- B. Escheat is the reversion of property to the state when an owner dies without a will and without heirs.
- D. Adverse possession is acquiring title through open, notorious, continuous, and hostile occupation.
Testate Succession
The transfer of a deceased person's property according to the instructions outlined in their valid last will and testament.
- Requires a valid will
- Executor/Executrix manages the estate
- Property distributed to beneficiaries named in the will
- Goes through the probate process
Memory trick: Testate: 'T' for 'Testament' (a will).