Oregon Construction Contractors (CCB) Practice Test

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Prepare for the Oregon CCB Test with our study materials. Use flashcards and multiple-choice questions with explanations and hints. Ensure you're ready for exam success!

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Which aspect should be retained by an owner-seller in escrow according to the Homebuyers Protection Act?

10 percent of the sales price
15 percent of the sales price
20 percent of the sales price
25 percent of the sales price

The correct answer is: 25 percent of the sales price

Under the Homebuyers Protection Act, the correct percentage that should be retained by an owner-seller in escrow is 25 percent of the sales price. This provision is designed to protect the interests of the buyer, ensuring that sufficient funds are held in escrow to cover any potential claims for repairs, undisclosed defects, or other obligations that the seller might have regarding the property. By retaining 25 percent, the act provides a buffer that encourages sellers to complete any necessary repairs and obligations post-sale. This percentage is deemed substantial enough to cover potential issues that may arise after the sale, safeguarding the buyer's investment. The other percentages are lower than what the law specifies, which could leave the buyer vulnerable in cases where significant post-sale issues are discovered. By establishing a higher retention percentage, the Homebuyers Protection Act aims to create a more accountable and secure transaction process for home purchases.