Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0255 - Clients' Trust Account Records Requirements and Document Transmittal Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This
			 rule applies to clients' trust fund accounts that hold funds from transactions
			 involving the sale, purchase, lease option, or exchange of real property. The
			 purpose of clients' trust accounts is to preserve clients' monies and keep them
			 segregated from the broker's general and personal funds.
(2) Principal brokers must retain and store
			 the records described in this rule as required by OAR 863-015-0250  and
			 863-015-0260. However, where separate general business or clients' trust
			 accounts or both are maintained at branch offices, the financial records
			 described in this rule may be maintained and located either at the principal
			 broker's main office or, if the principal real estate principal broker or
			 branch office manager conducts the real estate business from that branch
			 office, at that branch office.
(3)
			 A real estate broker must transmit to the real estate broker's principal real
			 estate broker within three banking days of receipt any money, checks, drafts,
			 warrants, promissory notes, or other consideration and any documents received
			 by the licensee in any professional real estate activity in which the licensee
			 is engaged. Absent the buyer's written instructions to the contrary, the real
			 estate broker must transmit all earnest monies to the principal real estate
			 broker within three banking days of receipt.
(4) If a real estate broker or principal
			 broker receives a check as earnest money in a transaction, he or she may hold
			 the check un-deposited until the offer is accepted or rejected, provided that
			 the written sale agreement states that the real estate broker or principal
			 broker is holding the check un-deposited and further states where and when the
			 check will be deposited upon acceptance of the offer.
(5) The real estate broker or principal
			 broker must deposit a check held pursuant to section (4) into a clients' trust
			 account established under ORS
			 696.241 or transmit the check to
			 a licensed neutral escrow depository located within this state before the close
			 of the third banking day following acceptance of the offer or a subsequent
			 counter offer. The principal broker must track the earnest money deposit from
			 the buyer to the principal broker and to the escrow depository.
(6) All other funds, whether in the form of
			 money, checks, drafts, or warrants belonging to others and accepted by any real
			 estate broker or principal broker while engaged in professional real estate
			 activity, must be deposited before the close of business of the fifth banking
			 day following the date the real estate broker or principal broker receives the
			 funds into a neutral escrow depository located within this state or into a
			 clients' trust account established under ORS
			 696.241. The principal broker
			 must retain a copy of each executed agreement required under ORS
			 696.241 and OAR 863-015-0265  for
			 interest-bearing clients' trust accounts.
(7) For all funds received under sections (3)
			 and (4) of this rule, the principal broker must comply with the following
			 requirements:
(a) Account for all funds
			 received,
(b) Maintain a copy of
			 any check received, and
(c)
			 Maintain a dated, acknowledged receipt for any check returned to the
			 offeror.