Clients' Trust Accounts Info

Who is required to have a clients’ trust account?

You need to open at least one clients' trust account if you are a:

Property manager.
Principal broker managing rental real estate.
Principal broker receiving and handling trust funds not deposited into escrow.

What is a clients’ trust account?

A clients’ trust account is an account that holds other people's funds. You may not hold personal or business funds in a clients’ trust account. A security deposit account is a separate clients' trust account that hold security deposits

A clients’ trust account can hold:

Funds received by the property manager on behalf of an owner.
Interest earned, but only if the account is a federally insured account and the property management agreement complies with OAR 863-025-0020.
Funds received and handled by a broker or principal broker as part of a real estate transaction but not deposited into escrow.

A security deposits account can hold:

Security deposits.
Interest earned, but only if the account is a federally insured account and the property management agreement complies with OAR 863-025-0020 and the tenant has given the property manager written approval as required by OAR 863-025-0025.