Trust Accounts and Trust Funds (Broker Only)
Six of the fifty state items, and they appear on the broker examination only - the salesperson outline has no such area. The governing rules are OAC 605:10-13-1 through 605:10-13-3, backed by the commingling and accounting causes for discipline at 59 O.S. § 858-312(6) and (16).
Whose account it is and when the money goes in
A broker need not keep a trust account at all unless she accepts money or depositable items belonging to others (OAC 605:10-13-1(d)). Once she does, all such funds go into a separate account at a federally insured institution, the account must be styled as a trust or escrow account in the name of the broker or brokerage as licensed or as the registered trade name, and "the broker is required to be a signor on any brokerage account where such funds are held." An associate may not open, maintain or sign on a trust account while providing licensed activities, and must turn all monies and documents over to the broker promptly (605:10-13-2). Escrow funds must be deposited "before the end of the third banking day following acceptance of an offer by an offeree or receipt of escrow funds unless otherwise agreed to in writing by all interested parties," and must stay there until the transaction is consummated or terminated and proper accounting is made.
Commingling
Section 858-312(16) makes it a cause for discipline to commingle the money or property of others with the licensee's own "unless the money or property of others is received by the licensee and held in an escrow account that contains only money or property of others." The rule then draws the one practical exception: a broker "may not keep any personal funds in the trust account except amounts sufficient to insure the integrity of the account and cover any charges made by the financial institution for servicing the trust or escrow account" (605:10-13-1(b)). Escrow money may sit in an interest-bearing account, but the broker must disclose in writing to all parties that it bears interest and identify who receives the interest, and the account must be a demand account - certificates of deposit and other time deposits are prohibited.
Registration, records and audits
The broker must notify the Commission in writing of all trust or escrow accounts, security deposit accounts, rental management operating accounts and interest-bearing accounts holding trust funds, must register any principal's account she signs on as a trust account, and must report closures. "All records relating to the broker's trust accounts, including bookkeeping system data, shall be made available for inspection by the Commission or its authorized representatives" - the audit power does not wait for a complaint. Records and files are kept a minimum of five years after consummation or termination, and for trust account records the five years starts at the date funds are disbursed. Trust account records stay in their original format for at least two years before they may move to alternative media, and after a quality assurance check the originals may be destroyed provided the broker can still produce a legible paper copy on request. Records must be destroyed securely, and 59 O.S. § 858-313(3) makes brokerage records resulting from a Commission audit confidential.
Disputes over earnest money
Where a dispute arises before disbursement, OAC 605:10-13-3(a) requires the broker to keep the money in escrow "until he or she has a written release from all parties consenting to its disposition or until a civil action is filed to determine its disposition," and permits an interpleader. Subsection (b) supplies a safe harbor: with no civil action pending, and thirty days after the final termination of the contract, it is not grounds for discipline for the broker to disburse to either purchaser or seller on a good-faith decision that the other party failed to perform - but only after fifteen days' written notice to all parties setting out the proposed action. Thirty days, then fifteen days' notice, in that order.
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State-specific details
State exam facts
- State regulator
- Oklahoma Real Estate Commission (OREC)
- Exam vendor
- Pearson VUE
- Prelicensing education
- 90 clock hours of advanced instruction + the 15-hour Broker in Charge course
- Passing score
- 75% scaled on each portion
- Scored questions
- 130
- Time limit
- 240 minutes
Who regulates real estate brokers in Oklahoma?
The Oklahoma Real Estate Commission (OREC) licenses brokers, broker associates, sales associates, and provisional sales associates under 59 O.S. §§ 858-101 et seq. OREC's exams are delivered by Pearson VUE, which replaced PSI; the current Oklahoma content outline took effect April 2, 2024.
What experience do I need before the Oklahoma broker exam?
Under 59 O.S. § 858-303, a broker applicant needs two years of active licensure within the previous five years (or its equivalent) AND documentation verifying ten completed real estate transactions within the past five years, on top of 90 clock hours of advanced real estate instruction and the Broker in Charge course.
How is the Oklahoma broker exam structured?
Two separately scored portions delivered by Pearson VUE: a national portion of 80 scored items plus 5 pretest items in 150 minutes, and an Oklahoma state portion of 50 scored items plus 10 pretest items in 90 minutes. A scaled score of 75% is required on each. Salesperson candidates take a 40-item state portion and need 70% — the higher broker standard is OREC's own long-standing rule at OAC 605:10-3-5(f), not a 2024 change. Two of the six state areas, Trust Accounts and Trust Funds and Broker Management, are broker-only and account for 14 of the 50 state items.
Sources: https://oklahoma.gov/orec.html, https://www.pearsonvue.com/us/en/ok/realestate.html, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/093800.pdf, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/093801.pdf, https://oklahoma.gov/content/dam/ok/en/orec/documents/meetings/Nov%201%202025%20Oklahoma%20Real%20Estate%20Commission%20Code%20and%20Rules%20Book.pdf
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