For the Oklahoma salesperson state portion, a broker does not accept money or depositable items belonging to others. Which statement is correct?
Correct Answer
A) The broker is not required to maintain a trust or escrow account unless such funds or items are accepted and require placement in trust
OAC 605:10-13-1 states a trust account is not mandatory unless monies or other depositable items belonging to others are accepted. Source basis: Oklahoma Real Estate Commission License Code and Rules, 605:10-13-1 Duty to account; broker: trust/escrow funds belonging to others must be in a separate insured account, styled as trust/escrow, with broker signatory, timely deposit, accounting, registration, and record retention. Checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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