What does the term "estate auction" refer to?

The term "estate auction" specifically refers to the sale of property, which often includes real estate, land, or other significant assets that are part of a person's estate after they have passed away or are otherwise liquidating their holdings. In an estate auction, the goal is typically to settle an estate by selling off the assets to the highest bidder, ensuring that the proceeds can be distributed according to the wishes of the deceased or as mandated by a legal process.

While personal belongings may indeed be auctioned, they are often sold within the context of an estate auction as part of the broader term, but the defining feature of an estate auction is its focus on property. This distinction is crucial, especially in the auctioning context, where "property" broadly encompasses various types of real assets, not limited merely to personal items. The other options pertain to specific categories that may not fully capture the scope of an estate auction, which emphasizes the sale and transfer of ownership of real property assets.