Oregon Real Estate Practice Test

When should the Real Estate Agency be notified about the opening or closing of a client's trust account?

1. 5 business days

2. 10 business days

3. 15 business days

4. 20 business days

The correct answer is: 10 business days

The correct answer, which indicates that the Real Estate Agency should be notified about the opening or closing of a client's trust account within 10 business days, is anchored in the regulations governing real estate practices in Oregon. This requirement is in place to ensure proper oversight and to maintain accountability regarding the handling of client funds. Timely notification to the Real Estate Agency is crucial because it allows for proper management and regulatory supervision of trust accounts, which are essential for holding client funds securely. By requiring this notification within a 10 business day timeframe, the agency can promptly monitor the account for compliance with relevant laws and to ensure that all transactions are conducted in accordance with best practices. Adhering to this time frame helps protect consumer interests, as it provides an additional layer of security and reinforces the ethical obligations that real estate professionals have in managing client funds. This ensures that any opening or closing of accounts is communicated succinctly to prevent misunderstandings or potential issues with the management of those funds.