Per ORS 696.241, you must open and maintain a clients’ trust account for all trust funds handled by you or your associated licensees. The exception to this requirement is when all parties who have an interest in the trust funds agree in writing to place the funds in a licensed neutral escrow depository in this state. Review OAR 863-015-0255 through 863-015-0265
for the clients' trust account requirements for real estate transactions.
Opening a Clients’ Trust Account:
Select a “bank” as defined in ORS 696.010.
Set up the account as required by ORS 696.241, including the designation as a "clients' trust account."
Establish yourself as an authorized signer on the clients' trust account.
Prepare and have bank representative sign the Notice of Clients' Trust Account form. Notify the Agency when opening a clients’ trust account using eLicense. (See Managing Your Business in eLicense for more information.)
Have checks pre-printed with the words "clients' trust account." Other identifying information may also be included.
Have checks for clients’ trust account prenumbered or, if computer-generated, numbered consecutively.
Arrange with bank to have any service charges paid out of your general business account or billed to you. (Example of service charges: check orders, nonsufficient funds, monthly service charges, or minimum balance charges.)
You must also use eLicense
to notify the Agency when you close a clients' trust account.
As a principal broker, you and your associated licensees can manage rental real estate for others for compensation.
Property management is a specialized form of professional real estate activity. If you decide to engage in the management of rental real estate, you should review all of OAR chapter 863 division 25 for requirements under license law, including property management agreements and clients' trust accounts.
Active License Renewals:
All licensees must complete a minimum of 30 clock hours of education from a Certified Continuing Education Provider during each license renewal period. Three hours must be the Law and Rule Required Course. The remaining 27 hours must be completed from Certified Continuing Education Providers in the required course topics.
Continuing Education Record Keeping Requirements:
Real estate licensees are responsible for maintaining their own continuing education records for three years after the license renewal date for which the hours were earned.
Certificates of Attendance - Upon completion of a course, the Certified Continuing Education Provider must give you a certificate of attendance.
Licensee Continuing Education Record Form - All information needed on the form can be found on the certificates of attendance.
Licensees are required to make these records available to the Agency upon request.
Generally, licenses are issued for two years. However, your first license period will most likely be shorter. Your first license is good until the last day of your birthday month plus one year.
NOTE: The full license renewal fee is required even though the license period may be less than two years.
Your license will always expire on the last day of the month of your birthday. If you are not sure when your license expires, you can look up the date by logging into your eLicense account.
The Agency will e-mail you a license renewal reminder at the beginning of the month your license expires. You cannot renew before the first day of the month in which your license expires. License renewals are done online in eLicense.
License renewal fees are:
The license renewal e-mail is a courtesy reminder. You are responsible for renewing your license on time. If you are not sure about your license expiration date, you can look it up by logging into your eLicense account.
NOTE: Conducting professional real estate activity with an expired or inactive license may result in civil penalties.
Statutes and Rules
Oregon Revised Statutes (ORS) chapter 696 and Oregon Administrative Rule (OAR) chapter 863 govern many aspects of your professional real estate activity, such as duties you owe to your clients, advertising requirements, and record maintenance. Reviewing the laws and rules can help you find answers to many questions that come up.
Access to the full text of ORS 696 and OAR 863, as well as other relevant laws, can be found at Statutes and Rules.
The Agency can be reached at (503) 378-4170, or by e-mail at email@example.com.
The Oregon Real Estate Agency's authority is limited to real estate license law as found in ORS 696 and OAR 863. Agency staff cannot answer questions about contract law, real estate law, or landlord and tenant law. The Agency cannot provide legal advice.