In Oklahoma real estate practice, a broker maintains trust, escrow, security deposit, rental management operating, or interest-bearing accounts holding trust funds. What should the licensee remember?
Correct Answer
B) The broker must notify the Commission in writing of those accounts and of accounts that are closed or no longer used
OAC 605:10-13-1 requires written Commission notice of trust-related accounts and closed accounts. 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
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