Question

When establishing a client trust account, the principal broker must submit all but which one of the following to the Oregon Real Estate Agency within 10 days?

Select one:
a. The date the account was opened
b. The account number
c. The opening balance in the account
d. The name of the bank

Answer 1

The principal broker must submit the date the account was opened, the account number, and the opening balance in the account to the Oregon Real Estate Agency within 10 days when establishing a client trust account.

Step-by-step explanation:

When establishing a client trust account, the principal broker must submit all except one of the following to the Oregon Real Estate Agency within 10 days:

• The date the account was opened
• The account number
• The opening balance in the account
• The name of the bank

The principal broker is required to submit the date the account was opened, the account number, and the opening balance in the account to the Oregon Real Estate Agency within 10 days of establishing the client trust account. The purpose of this requirement is to ensure transparency and accountability in real estate transactions. The name of the bank is not required to be submitted.