Trust Accounts and Funds (Broker Only)
Handling client money is a broker-only responsibility in Oklahoma and a heavily tested part of the broker exam. This chapter covers segregation of funds, the commingling prohibition, disputed deposits, and Commission oversight.
Broker Responsibility and Segregation
The broker maintains the brokerage trust account and must keep client funds such as earnest money separate from personal and business money. Sales associates deliver received funds to the broker; they do not maintain the account. The broker is accountable for accurate records and reconciliation of the trust account.
Commingling and Disputed Deposits
Commingling, mixing client trust funds with the broker's own funds, is prohibited. When a dispute arises over earnest money, the broker must retain the funds in the trust account and may not decide the dispute or take the money; disbursement waits for the parties' written agreement, a court order, or another lawful basis.
Registration and Audit
Because trust accounts hold consumer money, OREC may require registration of the account and may audit or examine trust-account records to confirm client funds are properly segregated and reconciled. Brokers should maintain records that support such an examination at any time; poor recordkeeping is itself a violation.