Or. Admin. R. 863-015-0259

Current through Register Vol. 63, No. 6, June 1, 2024

Section 863-015-0259 - Recordkeeping and Tracking of Received Funds

(1) For all funds received under OAR 863-015-0257, the principal broker must comply with the following requirements:

(a) Account for all funds received,

(b) Maintain a copy of any check received, and

(c) Maintain a dated, acknowledged receipt for any check returned to the offeror.

(2) For all checks received under OAR 863-015-0257 made payable to the seller, the principal broker must also keep the following information:

(a) Date received,

(b) Name of payor,

(c) Purpose of payment,

(d) File reference assigned to the offer or transaction,

(e) Date delivered to seller, and

(f) Documentation of delivery to the seller.

(3) Every deposit made under ORS 696.241 must be made with deposit slips identifying each offer or transaction by a written notation of the file reference assigned to the offer or transaction.

(4) Principal brokers must maintain a complete ledger account and record all funds received in their professional real estate activity. This ledger account must show:

(a) From whom the funds were received,

(b) The date the funds were received,

(c) The date the funds were deposited,

(d) Where the funds were deposited, and

(e) When the transaction has been completed or the offer has failed, the final disposition of the funds.

(5) Principal brokers must record and track the transfer of promissory notes and other forms of consideration by a ledger account or by other means including, but not limited to, written proof of transmittal or receipt retained in their offer or transaction file.

Or. Admin. R. 863-015-0259

REA 1-2017, adopt filed 11/17/2017, effective 1/1/2018; REA 33-2018, minor correction filed 01/19/2018, effective 1/19/2018

Statutory/Other Authority: ORS 696.385

Statutes/Other Implemented: ORS 696.241 & Chapter 234, 2017 Laws