Property Ownership
In Oregon, what is 'estoppel' in the context of real estate transactions?
AAn Oregon tax on property transfers
BA legal principle preventing a party from asserting a claim or position inconsistent with their prior representations upon which another party has relied to their detriment✓ Correct
CA mechanism to stop foreclosure proceedings
DThe process of stopping an escrow at closing
Explanation
Estoppel prevents a party from contradicting prior representations when another party has reasonably relied on those representations to their detriment. In Oregon real estate, if a seller represents that a property has no flooding issues and a buyer relies on this, the seller may be estopped from later claiming they made no such representation if the buyer can show their reliance was reasonable.
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