Contracts
An Oregon buyer and seller have a signed purchase contract. The seller finds the property has a significant previously unknown structural defect. The seller's obligation is to:
AConceal the defect and proceed to closing
BDisclose the material defect to the buyer promptly✓ Correct
CCancel the contract without liability
DHave the defect repaired before disclosing it
Explanation
In Oregon, if a seller discovers a material defect after the contract is signed, they have a duty to promptly disclose it to the buyer. The buyer may then choose to proceed, renegotiate the price or repair credits, or terminate the contract based on the disclosure.
Related Oregon Contracts Questions
- In Oregon, can a purchase contract be assigned by the buyer to a third party?
- In Oregon, a listing agreement that gives the broker the right to a commission regardless of who sells the property is called:
- Which of the following terms refers to the seller's guarantee in a warranty deed that they will defend the buyer's title against all claims?
- The 'mailbox rule' (deposited acceptance rule) applies when:
- In Oregon, a purchase contract contingency must be either removed or exercised by the stated deadline. If neither party acts, the contingency is typically:
- Under Oregon contract law, an agreement that lacks consideration is:
- A contract that is 'voidable' means:
- When an Oregon listing agreement expires with the property unsold, the seller:
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →