For the Oklahoma salesperson state portion, escrow funds are received after an offer is accepted. Which statement is correct?
Correct Answer
A) Escrow funds must be deposited before the end of the third banking day after acceptance or receipt unless all interested parties agree otherwise in writing
OAC 605:10-13-1 sets the third-banking-day deposit rule unless all interested parties agree otherwise in writing. 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
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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