Transfer of Property, 8% of the examination
Probate overbid
The court process by which a competing buyer may outbid an accepted offer at a confirmation hearing.
The first overbid must exceed the accepted offer by a statutory minimum, commonly calculated as 10% of the first $10,000 plus 5% of the balance. This is why a buyer of probate property can lose it in the courtroom despite an accepted offer.
See it in a question
One question from Transfer of Property, so the term lands in the context the exam uses it in.
Transfer of Property ยท 8%Escrow
What is the essential function of an escrow in a California transaction?
Written to DRE's published topic list. Not a real examination question, since reproducing those is a misdemeanour under B&P Code section 123.