Pennsylvania Auctioneer Practice Exam

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Prepare for the Pennsylvania Auctioneer Exam. Use our flashcards and multiple choice questions, each with hints and explanations. Get ready for your auctioneer licensing exam in Pennsylvania!

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What does testate mean?

Create a trust for property
Die with a will
Transfer property to the state
Legal property abandonment

The correct answer is: Die with a will

Testate means to die with a will. When someone is said to be testate, it means that they have left a valid will before passing away. This will outlines how the individual's assets and property should be distributed after their death. This differs from dying intestate, which means passing away without a will. The other options are incorrect: A. Create a trust for property - This option refers to setting up a trust, which is a legal entity that holds assets for the benefit of another person. C. Transfer property to the state - This option is not related to the definition of testate. Transferring property to the state typically happens in cases of escheat, where property ownership reverts to the state due to certain circumstances. D. Legal property abandonment - This option does not relate to the concept of being testate; legal property abandonment refers to intentionally relinquishing ownership of property.