Oregon Broker PSI Practice Exam

When informing the real estate agency about a trust account opening, which information must be included?

1. Name of the account holder only

2. Name of bank and account number only

3. Name of account, bank, date created, and acknowledgment

4. Date of the transaction only

The correct answer is: Name of account, bank, date created, and acknowledgment

When informing the real estate agency about a trust account opening, it is essential to provide comprehensive information that ensures transparency and proper management of the account. Including the name of the account, the bank, the date created, and an acknowledgment demonstrates compliance with legal requirements and industry standards. The name of the account is important because it provides identification of the specific purpose of the trust account, often linked to managing client funds. Specifying the bank allows the agency to verify that the account is held at a reputable financial institution that meets the legal requirements for holding trust funds. The date the account was created is also critical, as it indicates when the agency can start recording transactions and helps maintain accurate financial records. Finally, the acknowledgment signifies that all parties are aware of the trust account's existence and its purpose, fostering accountability and trust in the real estate transaction process.