In Colorado, the 'beneficiary deed' (transfer on death deed) allows property owners to:
Why B. Designate a beneficiary to receive the property automatically at death without probate, while retaining full ownership and control during their lifetime Is Correct
Answer B: B. Designate a beneficiary to receive the property automatically at death without probate, while retaining full ownership and control during their lifetime
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.
Key Property Ownership Terms in This Question
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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.
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