Oregon Real Estate Practice Test

What information must be included when informing the Real Estate Agency about a client's trust account?

1. Bank name and initial deposit

2. Account number and closing balance

3. Name of the account and balance

4. Name of the bank and date opened

The correct answer is: Name of the bank and date opened

The correct response is centered around the requirements set by the Real Estate Agency to ensure proper oversight of trust accounts. When notifying the agency about a client's trust account, it is essential to provide the name of the bank where the account is maintained and the date the account was opened. This information helps the agency verify the account's legitimacy and compliance with regulations. Including the name of the bank ensures that the agency knows where the funds are held, allowing for transparency and accountability. The date opened is also significant as it can relate to various regulatory timelines and protections regarding the handling of clients' funds. This kind of information streamlines the agency's ability to monitor trust account activities effectively and ensures that real estate professionals comply with legal and ethical standards concerning client funds. Other options, while they contain some relevant information, do not encompass the requirements as comprehensively as the chosen correct answer.