Segment 1: Intro to Property Management
UPDATED Exam Questions and
CORRECT Answers
Agency - CORRECT ANSWER - the Real Estate Agency
Audit Trail - CORRECT ANSWER - a documented history of a financial transaction by
which the transaction can be traced to its source
Bank - CORRECT ANSWER - any bank or trust company, savings bank, mutual savings
bank, savings and loan association or credit union that maintains a head office or a branch in this
state
Banking Day - CORRECT ANSWER - each day a bank is required to be open for the
normal conduct of its business but does not include Saturday, Sunday, or any legal holiday as
defined under ORS 187.010
Business Day - CORRECT ANSWER - a day other than Saturday or Sunday, or a federal
or State of Oregon legal holiday
Clients' Trust Account - CORRECT ANSWER - a federally insured bank account labeled
as "Clients' Trust Account" or "Client Trust Account" on all bank records and checks. This
Clients' Trust Account must be established and maintained by a property manager, acting on
behalf of an owner under a property management agreement, for depositing, holding and
disbursing funds received by the property manager on behalf of an owner, including application
fees and application screening fees
Compliance Review - CORRECT ANSWER - an Agency review of a property manager's
records and procedures for the purpose of educating the property manager on statutes and rules
Cure Noncompliance - CORRECT ANSWER - a property manager's acts that resolve the
property manager's failure to comply with statutory and rule requirements
UPDATED Exam Questions and
CORRECT Answers
Agency - CORRECT ANSWER - the Real Estate Agency
Audit Trail - CORRECT ANSWER - a documented history of a financial transaction by
which the transaction can be traced to its source
Bank - CORRECT ANSWER - any bank or trust company, savings bank, mutual savings
bank, savings and loan association or credit union that maintains a head office or a branch in this
state
Banking Day - CORRECT ANSWER - each day a bank is required to be open for the
normal conduct of its business but does not include Saturday, Sunday, or any legal holiday as
defined under ORS 187.010
Business Day - CORRECT ANSWER - a day other than Saturday or Sunday, or a federal
or State of Oregon legal holiday
Clients' Trust Account - CORRECT ANSWER - a federally insured bank account labeled
as "Clients' Trust Account" or "Client Trust Account" on all bank records and checks. This
Clients' Trust Account must be established and maintained by a property manager, acting on
behalf of an owner under a property management agreement, for depositing, holding and
disbursing funds received by the property manager on behalf of an owner, including application
fees and application screening fees
Compliance Review - CORRECT ANSWER - an Agency review of a property manager's
records and procedures for the purpose of educating the property manager on statutes and rules
Cure Noncompliance - CORRECT ANSWER - a property manager's acts that resolve the
property manager's failure to comply with statutory and rule requirements
