ECONOMICS
PROPERTY RIGHTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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go to the heirs of the deceased
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go to the county where the property is located
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are received by the Sate Real Estate Department for deposit into the Recovery Fund
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are deposited into the general fund of the State of Arizona
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Detailed explanation-1: -Sheriffs Deed-A sheriff’s deed is used to transfer property to the highest bidder at a court-ordered foreclosure sale.
Detailed explanation-2: -Escheat is a legal term relating to the reversion of real property to the state where no individuals or entities exist that are entitled to inherit the property of a decedent. Put simply, the state takes the property if no one else has a right to it under the intestate laws.
Detailed explanation-3: -When may consumers receive payment from the residential contractors recovery fund? Once they have notified the AZ ROC, obtained a final judgment, sought restitution, and investigated the debtor’s assets to satisfy the judgment.
Detailed explanation-4: -Escheat is intended to prevent property from being ownerless or abandoned after a property owner dies, leaving no heirs specified by will or state law.