OREN-J_October_2013

Continuing Education Provider Requirements Upon request of the Real Estate Com- missioner, a certified real estate continuing education provider must provide records within 15 business days after the date of the request. Clients’ Trust Accounts All clients’ trust accounts must be • opened and maintained in a federally insured bank in Oregon. Principal real estate brokers and licensed • real estate property managers who man- age rental real estate must open at least one clients’ trust account. A principal broker who receives or • handles trust funds and does not deposit the trust funds in an escrow account must open and maintain a clients’ trust ac- count. A principal broker or property man- • ager who deposits money into a clients’ trust account must be responsible for managing that account until owner- ship is transferred to another principal broker or property manager. Addition- ally, the Oregon Real Estate Agency must be notified within 10 days of the transfer.

Accounts within 10 business days. (This is done in eLicense. See Managing Your Business in eLicense for more informa- tion.) Notifying the Agency of changes in the • responsible property manager or princi- pal broker. Maintaining the correct physical address • of the registered business name with the Agency. (TheAgency must be notified of any address change before the business moves. Address changes are completed in eLicense. See Managing Your Busi- ness in eLicense for more information.) Maintaining the business’s record with • the Office of the Secretary of State. Registering any branch offices with the • Agency. Doing Business with a Registered Business Name The law clarifies that if a principal real es- tate broker or a licensed real estate property manager has a registered business name, any real estate licensee associated with the principal broker or property manager must conduct all professional real estate activity under the registered business name.

Editor’s Note: Prin- cipal brokers and property managers conducting real estate activity under their individual license names must also noti- fy the Agency within 10 business days of the opening or clos- ing of any clients’ trust accounts.

Oregon Real Estate Board December Meeting

The Oregon Real Estate Board’s next regularly scheduled general meeting is Mon- day, December 2, 2013 in Salem.at the Oregon Real EstateAgency office. Meetings start at 10:00 a.m. Time is set aside for members of the public to comment on matters not on the agenda. The Board may choose to place such matters on the agenda for future meetings. The Oregon Real Estate Agency is located at 1177 Center St NE, Salem, OR 97301.

Oregon Real Estate News-Journal

October 2013

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