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Oregon Revised Statutes Occupations and Professions § 696.245

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) Each licensed real estate property manager and principal real estate broker, at the time a clients' trust account is opened as required under ORS 696.241, shall provide the bank in which the account is opened with a notice, acknowledged by the real estate licensee and the bank, in substantially the following form:

NOTICE OF CLIENTS' TRUST ACCOUNT

To: __________ (name of bank)

Under the Oregon Real Estate License Law, I, __________ (licensed name), am a licensed real estate property manager or principal real estate broker for __________ (licensed name of principal real estate broker or real estate property manager, or a business name registered under ORS 696.026).

Under ORS 696.241, I am required to maintain in Oregon a clients' trust account for the purpose of holding funds belonging to others received in the course of conducting professional real estate activity.

The account(s) numbered __________ in the name(s) of __________ is/are hereby designated as a clients' trust account and the account(s) is/are maintained with you as a depository for money belonging to persons other than myself and in my fiduciary capacity as a licensed real estate property manager or principal real estate broker established by client agreements in separate documents.

Dated: __________ (insert date)

__________
(signature of real estate licensee)

ACKNOWLEDGMENT OF RECEIPT

I, __________, a duly authorized representative of __________ (bank), do hereby acknowledge receipt of the above NOTICE OF CLIENTS' TRUST ACCOUNT on __________ (date).

__________
(signature)
__________
(title)

(2) The real estate licensee shall retain the acknowledged copy of the notice described in subsection (1) of this section for at least six years following the closing of the account as provided in ORS 696.280.

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Cite this article: FindLaw.com - Oregon Revised Statutes Occupations and Professions § 696.245 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-52-occupations-and-professions/or-rev-st-sect-696-245/

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