Property Ownership
In Kansas, when a property is held in a revocable living trust, the trustee has the authority to:
ASell the property only after the grantor's death
BManage, convey, and otherwise deal with the property during the grantor's lifetime and after death per trust terms✓ Correct
COnly hold the property — no management authority is granted
DAct only with court approval
Explanation
A trustee of a revocable living trust generally has broad authority to manage, sell, mortgage, and otherwise deal with trust property during the grantor's lifetime and after death, as specified in the trust agreement.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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