Complete copies of all documents generated during a real estate transaction must be maintained, including the following:
- Agreement creating agency relationship between real estate broker or principal real estate broker and client (must be signed by all parties to the agreement)
- Any written agreement for the listing, sale, purchase, rental, lease, lease option, or exchange of real property generated by a real estate broker or principal real estate broker while engaged in professional real estate activities (must be signed by all parties)
- Any receipt issued by a real estate broker or principal real estate broker to evidence acceptance of funds or documents
- Any vouchers or bills or obligations paid by the real estate broker or principal real estate broker for the account of a customer or client
- Any other document within the scope of the agency relationship provide to or received by a client through a real estate broker or principal real estate broker during the term of any agency relationship.
- All financial records.
- Where a principal real estate broker performs the closing, retain a copy of any closing statement showing receipts, disbursements and adjustments (which must be signed by buyer and seller)
OAR 863-015-0255
- Trust fund accounts records must be maintained; where separate general business or clients’ trust accounts or both are maintained at branch offices, the financial records may be maintained and located either at the principal broker’s office or, if the principal real estate broker or branch office manager conducts the real estate business from that branch office, at that branch office
- Real estate broker must transmit to the real estate broker’s principal real estate broker within 3 banking days of receipt any money/checks/drafts/warrants/promissory notes/other consideration received by the licensee in any real estate professional activity
- If a real estate broker or principal broker receives a check as EM in a transaction, it can be held un-deposited until the offer is accepted or rejected (so long as the sale agreement states that holding such check un-deposited is okay and further states where and when the check will be deposited upon acceptance)
- All other funds must be deposited within 5 banking days of receipt
- Principal broker must:
- Account for all funds received
- Maintain a copy of any check received
- Maintain a dated, acknowledged receipt of any check returned to the offerer
- Maintain a ledger that shows:
- From whom funds were received
- Date funds were received
- Date funds were deposited
- Where funds were deposited
- When transaction is completed or offer has failed, the final disposition of the funds
- Checks must be pre-numbered, issued from one numbering sequence and bear the words “Clients’ Trust Account”; principal broker must account for all checks (included voided ones)
- Promissory notes must be noted on the ledger
OAR 863-015-0260
- Records of professional real estate activity originating at a branch office may be maintained and stored at either the branch office or at the principal broker’s main office
- If principal broker wants to keep records elsewhere, can do so as long as readily available for inspection and such location is pre-approved by the Real Estate Agency
- Electronic image storing is okay so long as it complies with specific requirements of this OAR