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.
State-specific details
State exam facts
- State regulator
- Oklahoma Real Estate Commission (OREC)
- Exam vendor
- PSI
- Prelicensing education
- 90 hours of approved provisional sales associate pre-license education
How many prelicensing hours does Oklahoma require to become a real estate agent?
Oklahoma requires a 90-hour Basic Real Estate course approved by the Oklahoma Real Estate Commission before you sit for the provisional sales associate exam.
Who licenses real estate agents in Oklahoma?
The Oklahoma Real Estate Commission (OREC) licenses provisional sales associates, sales associates, and brokers. OREC uses PSI to deliver the exam.
How is the Oklahoma sales associate exam structured?
The Oklahoma exam is delivered by PSI with a national portion and an Oklahoma state portion, scored separately; you must pass both. Confirm the current scored-question counts in the PSI Candidate Information Bulletin.
Sources: https://oklahoma.gov/orec/licensing.html, https://www.psiexams.com/
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