In Oklahoma real estate practice, a broker opens an account for escrow funds. What should the licensee remember?
Correct Answer
B) The broker must be a signor, and the account must be in the broker’s licensed name or registered trade name and styled as a trust or escrow account
OAC 605:10-13-1 requires broker signatory status and trust/escrow account styling in the licensed or registered name. 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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Related Concepts
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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.
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