Contracts, Finance, and Transfer Practice Question
Question
A license applicant is reviewing a practice scenario for the Oregon Real Estate Broker Exam involving closing statement and broker supervision and disclosure practice. Which response best applies the rule? (Item 35)
Answer choices
- A. The client’s preference eliminates the need to disclose known material facts.
- B. The party who complains first automatically receives the remedy requested.
- C. Distinguish buyer and seller debits and credits at settlement in a way that fits Oregon exam practice.
- D. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
Correct Answer
C. Distinguish buyer and seller debits and credits at settlement in a way that fits Oregon exam practice.
Explanation
The correct answer is C 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: medium
- Domain: Contracts, Finance, and Transfer
- Objective: closing statement