Oregon Real Estate Practice Test

Who can close real estate transactions?

1. Only an attorney

2. An escrow agent, attorney, or real estate broker engaged in the transaction

3. A licensed real estate agent only

4. Only the seller

The correct answer is: An escrow agent, attorney, or real estate broker engaged in the transaction

In Oregon, various professionals are authorized to close real estate transactions, providing flexibility in the process. An escrow agent, attorney, or licensed real estate broker can act as the closing agent. This is beneficial as it allows for the transaction to be managed by individuals who possess the necessary expertise in real estate law and procedures, ensuring that all legal requirements are met and that all parties are protected throughout the transaction. Escrow agents specialize in managing the funds and documents necessary for closing, including coordinating with lenders, title companies, and other parties. Attorneys can provide legal advice and ensure that contractual terms are fulfilled. Real estate brokers also play a significant role in facilitating the closing process, given their knowledge of local regulations and practices. The other options suggest a more limited or restricted ability to manage the closing process, which does not reflect the broader range of professionals qualified to handle these transactions under Oregon law.