Indiana State Indy Metro PC Practice Test

In real estate, "conveyance" specifically refers to the transfer of ownership of a property from one party to another. This term encompasses the legal process involved in transferring title and often includes the execution of a deed, which formalizes the transaction. Conveyance ensures that the buyer receives a clear title to the property, meaning there are no legal encumbrances that would impede their ownership rights.

Understanding this definition clarifies the importance of conveyance in real estate transactions, as it determines how ownership is legally documented and how rights to the property are recognized under the law. The other options do not capture the essence of the term; for example, leasing pertains to rental agreements, financial transactions refer to the monetary aspects of purchasing, and appraisal involves determining a property's market value rather than transferring ownership.