Oklahoma Brokerage Practice and Trust Funds
This chapter covers Oklahoma's day-to-day practice rules: how compensation flows through the broker, handling of earnest money and trust accounts, and supervision responsibilities.
Compensation Through the Broker
An Oklahoma sales associate may be compensated for licensed activity only by the broker with whom the associate is licensed, not directly by a buyer, seller, or another broker. This rule keeps the associated broker responsible for the associate's transactions and compensation.
Earnest Money and Trust Accounts
The broker is responsible for holding and accounting for trust funds such as earnest money. A sales associate who receives a deposit must promptly deliver it to the broker, who deposits it into a trust account maintained separately from operating funds. Commingling or converting trust funds violates the Oklahoma Real Estate License Code and can lead to discipline.
Broker Supervision
The broker is responsible for supervising associated sales associates, including their advertising, transactions, and handling of client funds. Advertising must identify the brokerage and must not be misleading. Because the broker bears supervisory responsibility, violations by an associate can expose the broker to discipline as well.