- (1) This rule applies to clients’ trust 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 separate from the principal broker's general and personal funds.
- (2) Within 10 business days from the date a clients’ trust account is opened, the authorized principal broker must notify the Agency using an online process established by the Agency. The notification will include the information required in ORS 696.245, including a copy of the completed and signed “Notice of Clients’ Trust Account and Authorization to Examine.”
- (3) Within 10 business days from the date a clients’ trust account is closed or transferred, the authorized principal broker must notify the Agency using an online process established by the Agency.
- (4) Authorized 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 clients’ trust accounts are maintained at branch offices, the financial records described in this rule may be maintained and located either at the managing principal broker’s main office or, if the authorized principal broker conducts the real estate business from that branch office, at that branch office.
- (5) Checks used to disburse funds from a clients’ trust account must be pre-numbered, issued from one numbering sequence, and bear the words "Clients' Trust Account" or “Client Trust Account” upon the face thereof. Principal brokers must account for all checks, including voided checks, as a part of the records they maintain.
- (6) A managing principal broker may not use or allow the use of any form of debit card on clients’ trust accounts.
- (7) The authorized 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.
Statutory/Other Authority
ORS 696.385
Statutes/Other Implemented
ORS 696.241, ORS 696.280 & Chapter 389, (2025 Laws)
History
REA 4-2025, amend filed 10/09/2025, effective 01/01/2026
REA 1-2017, amend filed 11/17/2017, effective 01/01/2018
REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
REA 6-2008, f. 12-15-08, cert. ef. 1-1-09
REA 3-2003, f. 7-28-03, cert. ef. 8-1-03
REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03
REA 1-2002, f. 5-31-02, cert. ef. 7-1-02