Which Oklahoma rule applies when a purchase contract fails and the parties dispute who should receive earnest money held by the broker?
Correct Answer
C) The broker should keep the funds in escrow until written release by all parties or until a civil action/interpleader determines disposition
OAC 605:10-13-1 and 605:10-13-3 require disputed escrow funds to remain held until proper written release or court/interpleader handling. 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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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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