June 2022
The Oregon Real Estate Agency conducts reviews of clients' trust accounts and security deposit accounts (CTA). If your CTA is selected for a review, you must respond to the notice within 10 business days with the appropriate records.
Each clients' trust account and security deposit account must be
reconciled monthly.
Clients' Trust Account Reconciliation
The following items are required to
complete a CTA reconciliation:
-
Bank statement balance, adjusted for outstanding checks and deposits.
-
The balance of the record of receipts and disbursements or check register as of the date of the bank statement.
-
The sum of all positive owners' ledgers as of the date of the bank statement.
-
The property manager or principal broker must review and approve each reconciliation.
Security Deposit Account Reconciliation
The following items are required to
complete a security deposit account reconciliation:
-
Bank statement balance, adjusted for outstanding checks and deposits.
-
The balance in the record of receipts and disbursement or the check register as of the date of the bank statement.
-
The sum of all positive balances of individual security deposits and fees held in the security deposits account.
-
The property manager or principal broker must review and approve each reconciliation.
When the Agency asks for records for a past month, the reconciliation documents should be
completed and compiled, ready for submission.