Oregon trust accounts must be:
Correct Answer
B) Separate accounts for client funds, maintained at an insured financial institution, and subject to OREA audit
Under ORS 696.241, Oregon principal brokers must maintain separate trust accounts for client funds at a federally or state-insured financial institution. These accounts are subject to audit by the Oregon Real Estate Agency (OREA). Client funds must never be commingled with the broker's personal or business operating funds.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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