If a property owner dies with no heirs and no will, the property escheats to the state.

Prepare for the Michigan Salesperson Exam with detailed questions. Study with flashcards and multiple choice questions including hints and explanations. Ace your test!

Multiple Choice

If a property owner dies with no heirs and no will, the property escheats to the state.

Explanation:
Escheat is the transfer of property to the state when someone dies without heirs or a will. When there’s no eligible heir and no valid will, there’s no one to inherit, so the property reverts to the state under the law. This prevents property from remaining ownerless and unclaimed. Other terms describe different situations: redemption is the right to reclaim property after a sale or tax lien; abatement is reducing bequests when the estate lacks enough assets; a bequest is a gift left in a will. In this scenario, escheat explains why the property goes to the state.

Escheat is the transfer of property to the state when someone dies without heirs or a will. When there’s no eligible heir and no valid will, there’s no one to inherit, so the property reverts to the state under the law. This prevents property from remaining ownerless and unclaimed. Other terms describe different situations: redemption is the right to reclaim property after a sale or tax lien; abatement is reducing bequests when the estate lacks enough assets; a bequest is a gift left in a will. In this scenario, escheat explains why the property goes to the state.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy