In real estate, what does “probate” refer to?

The term "probate" refers specifically to the legal process of administering a deceased person's estate. This process involves validating the deceased's will (if one exists), identifying and inventorying the deceased's assets, paying any debts or taxes owed, and distributing the remaining assets to the rightful heirs or beneficiaries.

During probate, the court oversees the process to ensure that the deceased's wishes as expressed in their will are honored and that the estate is settled fairly and legally. This can include selling real estate that was owned by the deceased to settle debts or distribute assets appropriately.

The other options provided do not align with the definition of probate. While the purchase of real estate, methods of property valuation, and types of financing are all important aspects of real estate, they do not pertain to the specific legal procedures involved in managing a deceased person’s estate.