Oregon Real Estate Practice Test

What documentation must be exchanged between the buyer and seller upon acceptance of an offer?

1. Only a verbal agreement

2. Legible copies of the offer or counter offer

3. A list of terms

4. The buyer's bank details

The correct answer is: Legible copies of the offer or counter offer

Upon acceptance of an offer in a real estate transaction, it is essential for both parties to exchange legible copies of the offer or counteroffer. This documentation serves as a formal record of the agreed-upon terms, ensuring that both the buyer and seller are fully informed of the conditions that have been accepted. It helps prevent misunderstandings and provides clarity on important aspects such as price, contingencies, and deadlines. Other forms of documentation may be relevant in the transaction, but they do not fulfill the primary requirement established by real estate practices. A verbal agreement lacks the necessary documentation to create a legally binding contract. Providing a list of terms without the formal offer or counteroffer would not encapsulate the complete agreement. Conversely, sharing the buyer's bank details is not standard practice at this stage and raises privacy and security concerns. Thus, exchanging legible copies of the offer or counteroffer is a critical step for both parties to ensure legal and transactional integrity.