This course is designed to give the licensee a comprehensive understanding of Oregon law relating to the handling of client trust funds. The concept of trust funds is discussed along with the rules and regulations relating to the handling of such trust funds. Specific attention is focused on the trust fund account and the liability associated with managing the account. Particular attention is placed on trust fund violations relating to commingling and trust fund conversion.
A detailed discussion of the various types of permitted trust fund accounting records is presented along with suggested good record keeping procedures.
Since the majority of REA audit violations relate to trust funds, a great deal of attention is focused on the REA audit and the possible penalties for violation of the Oregon Real Estate Law and the Commissioner's Regulations relating to trust funds.
Finally, the student is presented with a series of trust fund transactions in the form of a case study. The case study outlines the various steps in properly recording the trust fund transactions and demonstrates how the transactions are entered on the columnar system forms. Once a student has completed this course, a working knowledge of trust fund handling and record keeping requirements will assist the student in staying in compliance with the Oregon trust funds laws.
This course is divided into four chapters. A quiz appears at the end of each chapter. An optional final exam of 15 questions is available at the end of the course. After completing the Oregon Real Estate Agency mandated seat time, an Oregon real estate continuing education certificate will be available for printing.