Oregon Broker PSI Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

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

Practice this question and more.

Within how many business days must a real estate agency be notified of a client's trust account being opened or closed?

5 business days
7 business days
10 business days
14 business days

The correct answer is: 10 business days

A real estate agency must be notified within 10 business days if a client's trust account is opened or closed. This specific timeframe is mandated by regulations to ensure that the agency maintains accurate records and oversight of all financial transactions involving client funds. Prompt notification assists in safeguarding the integrity of the trust account and compliance with legal obligations. This timeline allows the agency to take appropriate actions regarding the handling of funds, including maintaining proper accounting records and ensuring that all transactions are executed in accordance with the law. Understanding this requirement is essential for real estate professionals, as it emphasizes their responsibility in managing client funds and adhering to regulatory standards.