Which of the following terms refers to the sale of property after the owner's death?

The term that refers to the sale of property after the owner's death is probate. During the probate process, the deceased person's assets are managed and distributed according to their will or, in the absence of a will, according to state law. This legal process ensures that debts are settled and that the remaining property is transferred to the beneficiaries designated in the will or to heirs determined by the state.

Understanding probate is essential for auctioneers and those involved in property sales, as properties sold through probate often need to meet specific legal requirements and may involve unique challenges compared to regular property transactions. This context underscores the importance of being knowledgeable about probate procedures in the auction industry, ensuring compliance with relevant laws during the sale of such properties.