Oregon Broker PSI Practice Exam

Which piece of information is NOT required to inform the real estate agency about a trust account?

1. Date it was created

2. Account balance

3. Name of bank

4. Name of account holder

The correct answer is: Account balance

The reason the account balance is not a required piece of information to inform the real estate agency about a trust account lies in the regulatory requirements for such accounts. Typically, real estate regulations emphasize details that ensure proper handling and management of trust accounts, which include aspects like the account's creation date, the name of the bank holding the account, and the name of the individual or entity that holds the account. The creation date is crucial as it helps establish the timeline of account activity for compliance and auditing purposes. The bank name is essential to identify the financial institution where trust funds are kept, which is important for ensuring the safety of those funds. The account holder's name is equally significant because it identifies who is accountable for managing the trust funds. While knowing the balance might be useful for tracking funds, it is not a fundamental requirement for the agency to function effectively in managing trust accounts. This distinction is important for understanding the regulatory requirements placed on real estate professionals in Oregon and highlights how compliance focuses more on the integrity and identity of the operating trust account rather than day-to-day financial metrics like the balance.