In Colorado, a property owned by a 'revocable living trust' during the owner's lifetime is treated for real estate purposes as:
Why B. Property owned by the trustee on behalf of the trust, which passes outside of probate upon the trustor's death Is Correct
Answer B: B. Property owned by the trustee on behalf of the trust, which passes outside of probate upon the trustor's death
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Math Concepts
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