Property Ownership
Which of the following best describes 'escheat' under NC law?
AA tax on real estate transactions
BThe reversion of privately owned property to the state when an owner dies intestate with no heirs✓ Correct
CA court-ordered sale of property to pay debts
DThe transfer of property between government agencies
Explanation
Escheat is the process by which privately owned property reverts to the state when the owner dies intestate (without a will) and there are no legal heirs to inherit the property.
Related North Carolina Property Ownership Questions
- In NC, the 'doctrine of merger' in real estate means that when a buyer receives the deed at closing:
- In North Carolina, 'intestate succession' refers to how property passes when:
- In North Carolina, which of the following is a characteristic of tenancy in common?
- A periodic tenancy in North Carolina:
- A 'fee simple absolute' estate in NC is best described as:
- Under NC's NC Homeowners Association Act (Chapter 47F), an HOA has the authority to:
- A 'certificate of occupancy' (CO) in NC indicates that:
- NC's Equitable Distribution law (G.S. Chapter 50) in a divorce determines how:
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