Property Ownership
Oregon's Condominium Act (ORS Chapter 100) requires the condominium developer to provide a Public Offering Statement (POS) to prospective purchasers. The POS must be delivered:
AAfter the purchase agreement is signed but before closing
BBefore the buyer signs the purchase agreement — and the buyer has a right of rescission after receiving it✓ Correct
COnly if the condominium has more than 12 units
DAt closing, alongside the deed
Explanation
Oregon's Condominium Act (ORS 100.760) requires developers to provide a Public Offering Statement to prospective buyers BEFORE the buyer signs a purchase agreement. If the POS is not delivered before signing, the buyer has a right of rescission (cancellation period). The POS contains detailed information about the project: budget, assessments, restrictions, warranties, and financial condition of the homeowners association.
Related Oregon Property Ownership Questions
- Oregon recognizes tenancy by the entirety for married couples.
- In Oregon, what is the effect of a 'lis pendens' being recorded after a buyer has signed a purchase agreement but before closing?
- In Oregon, which of the following is NOT a method of terminating an easement?
- A life estate in Oregon gives the life tenant the right to:
- In Oregon, when does a deed become legally effective to transfer title?
- In Oregon, a condominium owner owns their unit and:
- A life estate grants the life tenant the right to use and enjoy property during their lifetime. When the life tenant dies, the property passes to the:
- A 'benchmark' in surveying is:
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →