Oregon 30-Hour Real Estate Law Practice Test

What is the role of the buyer's agent concerning closing statement accuracy?

1. Provide legal advice

2. Verify accuracy of the closing statement

3. Prepare the closing statement

4. Negotiate terms with the seller

The correct answer is: Verify accuracy of the closing statement

The role of the buyer's agent in relation to the accuracy of the closing statement is focused on verifying that the statement reflects the correct financial details of the transaction. This includes ensuring that the costs and credits associated with the sale, such as the purchase price, loan payoffs, and other closing costs, are accurately listed. By verifying the closing statement, the buyer's agent helps protect the interests of their client, ensuring that there are no discrepancies in the final financial calculations that could lead to issues post-closing. While a buyer's agent may discuss terms with the seller, provide information to their client, and help facilitate the overall transaction process, the specific responsibility to confirm the accuracy of the closing statement falls under their purview as an advocate for the buyer. This role is crucial for avoiding potential disputes or financial mistakes, as any inaccuracies in the closing statement could affect the buyer's financial obligations and compromise the integrity of the transaction. Therefore, it is essential for the buyer's agent to meticulously review and confirm the details contained within the closing statement to ensure a smooth closing process.