Oregon 30-Hour Real Estate Law Practice Test

Where can a party reviewing a title commitment find basic details about the transaction?

1. Schedule A

2. The closing statement

3. The deed itself

4. The title report

The correct answer is: Schedule A

In a title commitment, Schedule A provides key information regarding the transaction. This section typically includes details such as the names of the parties involved, the property description, the title insurance policy amount, and any specific requirements that must be fulfilled before the transaction can be finalized. This part of the title commitment is essential for anyone reviewing it, as it lays out the foundational elements of the deal and clarifies who is buying and selling, as well as the property in question. The other options, while relevant to the larger context of real estate transactions, do not serve this specific function in a title commitment. The closing statement summarizes the financial aspects and costs associated with the transaction but does not provide the basic details about the parties and property as clearly as Schedule A. The deed is an official document that conveys ownership but does not outline the particulars of the transaction prior to completion. Lastly, the title report offers a detailed examination of title issues and potential claims but may not summarize the basic information of the transaction as effectively as Schedule A does.