Contracts, Finance, and Transfer Practice Question
Question
A salesperson notices a possible compliance problem for the Oregon Real Estate Broker Exam involving closing statement and broker supervision and disclosure practice. Which statement is the best answer? (Item 89)
Answer choices
- A. Distinguish buyer and seller debits and credits at settlement in a way that fits Oregon exam practice.
- B. A verbal understanding always replaces a written real estate requirement.
- C. The safest practice is to avoid written documentation so fewer questions are raised later.
- D. A licensee may give legal conclusions instead of recommending qualified legal advice when uncertain.
Correct Answer
A. Distinguish buyer and seller debits and credits at settlement in a way that fits Oregon exam practice.
Explanation
The correct answer is A because closing statement requires candidates to distinguish buyer and seller debits and credits at settlement. The Oregon reference keeps the scenario tied to state licensing practice, while the other options rely on unsafe assumptions about oral custom, escrow, client preference, independent licensee authority, or ignoring written duties.
Question details
- Difficulty: easy
- Domain: Contracts, Finance, and Transfer
- Objective: closing statement