Property Management
An Oregon property manager must hold all client funds in a:
APersonal bank savings account
BSeparate trust account maintained in a federally insured depository institution✓ Correct
CMoney market fund managed by the property owner
DJoint account held with the title company
Explanation
Oregon law requires property managers and real estate brokers to maintain client funds in a separate trust account at a federally insured financial institution. These funds may not be commingled with personal or business operating accounts.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
State-Specific Concepts
Trust Account Rules
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