Oregon Real Estate Practice Test 2025 – Your All-in-One Guide to Exam Success!

Question: 1 / 400

What is the significance of the closing disclosure in real estate transactions?

It summarizes the history of the property

It details all costs and obligations associated with the transaction

The closing disclosure plays a crucial role in real estate transactions as it provides a comprehensive breakdown of all costs and obligations related to the transaction. This document is essential because it outlines the final terms of the loan and the costs associated with the purchase, including the loan amount, interest rate, monthly payments, and various fees for services like closing costs.

By detailing all financial components, the closing disclosure ensures that both buyers and sellers understand the total costs they will incur and the financial commitments involved in the transaction. This transparency allows parties to confirm that there are no unexpected fees or misunderstandings before the closing occurs, serving as a critical tool for clarity and informed decision-making in the final stages of a property transaction.

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It is a marketing tool for the property

It offers an assessment of property value

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