Oregon Broker PSI Practice Exam

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Study for the Oregon Broker PSI Exam. Quiz with flashcards and multiple choice questions with hints and explanations. Prepare for your exam efficiently!

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How many days does a principal real estate broker have to notify about a trust account?

5 business days
10 business days
30 days
Immediately upon opening

The correct answer is: 10 business days

A principal real estate broker is required to notify the Oregon Real Estate Agency about a trust account within a specific timeframe upon opening it. The correct answer, which is 10 business days, reflects the regulation that ensures that the agency is informed of the establishment of trust accounts in a timely manner. This regulation is in place to maintain transparency and accountability in the handling of clients' funds, which is a crucial aspect of real estate transactions. The requirement to notify within 10 business days allows for proper oversight and helps prevent any potential mismanagement of escrow or client funds, thereby protecting consumers. Compliance with this notification process is essential for brokers to operate within the legal framework established by the Oregon Real Estate Agency. This time frame balances the need for timely reporting with the operational realities brokers may face in establishing new accounts.