Oklahoma Real Estate Sales Associate Exam — All Questions

In Oklahoma, a sales associate who receives an earnest money deposit must generally:

• a.Return it to the buyer at closing regardless of the contract
• b.Deposit it directly with the county clerk
• c.Keep it in a personal bank account until closing
• d.Promptly deliver it to their broker to be handled according to the license law and Commission rules✓

In Oklahoma the broker, not the individual sales associate, is responsible for holding and accounting for trust funds such as earnest money. A sales associate who receives a deposit must promptly turn it over to their broker, who must handle it in accordance with the Oklahoma Real Estate License Code and Commission rules on trust accounts.

In Oklahoma, a licensed sales associate may lawfully receive a commission for a real estate transaction from:

• a.The Oklahoma Real Estate Commission
• b.Any party to the transaction directly
• c.The buyer only
• d.The broker with whom the associate is licensed✓

An Oklahoma sales associate may be paid only by the broker under whom they are licensed, not directly by buyers, sellers, or other brokers. This channeling of compensation through the associated broker is a core feature of Oklahoma license law.

By when must an Oklahoma broker deposit escrow funds received on an accepted offer?

• a.By the close of the next business day
• b.Within five banking days of receipt
• c.Before the end of the third banking day✓
• d.At any time before closing, if funds are held intact

All escrow funds shall 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. Cite: OAC 605:10-13-1(a)(1)(D).

How much of a broker's own money may sit in an Oklahoma brokerage trust account?

• a.Up to one thousand dollars, as a cushion against overdrafts
• b.Up to one percent of the account balance at any time
• c.None whatsoever, under any circumstances
• d.Only enough to keep the account open and cover bank service charges✓

Commingling is prohibited, but the rule allows one narrow exception: amounts sufficient to ensure the integrity of the account and to cover charges made by the financial institution for servicing it. There is no dollar or percentage cushion. Cite: OAC 605:10-13-1(b); see 59 O.S. § 858-312(16).

How long must an Oklahoma broker retain transaction and trust account records?

• a.Three years, with trust records in original format for one year
• b.Five years, trust originals kept two years✓
• c.Seven years, with trust records in original format for three years
• d.Ten years for every record in the file

A broker shall maintain all records and files for a minimum of five years after consummation or termination of a transaction; for trust account records the five years runs from the date funds are disbursed. Trust account records must stay in their original format for a minimum of two years before being moved to alternative media. Cite: OAC 605:10-13-1(l), (m)(1).

An Oklahoma broker wants to place escrow monies in an interest-bearing account. What does the Commission's rule require?

• a.Written disclosure to all parties, and a demand account✓
• b.Prior written approval from the Commission and annual interest reporting
• c.The interest must be credited to the buyer at closing
• d.Nothing; such accounts are prohibited in Oklahoma

The broker is not prohibited from using an interest-bearing account but must disclose in writing to all parties that it bears interest and identify the party receiving the interest; the broker may receive that interest. The account must be a demand type account, which rules out certificates of deposit and other time deposits. Cite: OAC 605:10-13-1(c).

A contract terminates and both parties demand the earnest money. No civil action has been filed. Under the special escrow disbursement rule, what may the broker do?

• a.Disburse immediately to whichever party the broker believes performed
• b.Deliver the funds to the Commission to hold until resolution
• c.Wait 30 days, then give 15 days' written notice✓
• d.Split the deposit equally between the parties and close the file

Absent a pending civil action, the rule shields a broker from discipline for disbursing after the passage of thirty days from final termination of the contract, based on a good-faith decision that the opposite party failed to perform, and only after fifteen days' written notice to all parties setting out the broker's proposed action. Filing an interpleader remains an option. Cite: OAC 605:10-13-3(b); OAC 605:10-13-1(h).

Under the Oklahoma Residential Property Condition Disclosure Act, how old may the seller's completed statement be when the buyer receives it?

• a.Not more than 30 days
• b.Not more than 90 days
• c.Not more than 60 days
• d.Not more than 180 days✓

The disclaimer or disclosure statement must be completed, signed and dated by the seller, and the date of completion may not be more than one hundred eighty (180) days prior to the date the purchaser receives it. Cite: 60 O.S. § 833(C) (last amended Okla. Laws 2003, c. 52, § 1, eff. Nov. 1, 2003).

When must the Oklahoma disclaimer or disclosure statement reach the purchaser?

• a.At or before closing
• b.Before acceptance of an offer to purchase✓
• c.Within three business days after acceptance
• d.Only on the purchaser's written request

The seller should deliver the statement as soon as practicable, but in any event before acceptance of an offer to purchase. If it arrives after an offer is made, the offer may be accepted only after the purchaser acknowledges receipt and confirms the offer in a signed, dated writing. Cite: 60 O.S. § 834(A)-(B).

Which transfer is exempt from the Oklahoma Residential Property Condition Disclosure Act?

• a.A transfer of a newly constructed, previously unoccupied dwelling✓
• b.A sale of a thirty-year-old duplex by an owner-occupant
• c.A sale by an estate's fiduciary who occupied the property as owner
• d.A sale of a single-family home the seller inherited and rented out

Section 838(A) exempts nine categories, including transfers of a newly constructed, previously unoccupied dwelling, court-ordered and foreclosure transfers, transfers between co-owners or spouses, and transfers to or from a governmental entity. The fiduciary exemption reaches only a fiduciary who is not an owner occupant, and the Act covers property of one or two dwelling units, so a duplex is inside it. Cite: 60 O.S. § 832(8); 60 O.S. § 838(A)(3), (A)(9).

A buyer asks an Oklahoma licensee whether a homicide occurred in the listed house. How does Oklahoma law treat that fact?

• a.A material defect that must be volunteered to all buyers
• b.Disclosable only if it happened within the last five years
• c.Not a material fact, but a written request triggers inquiry✓
• d.The licensee must refuse to answer and cite privacy statutes

Psychologically impacted status, including a suicide, homicide or other felony on the property, is not a material fact that must be disclosed, and no cause of action arises from non-disclosure. But if a purchaser making a bona fide offer advises the licensee in writing that the factor matters to the decision, the licensee must inquire of the owner and report findings with the owner's consent, or else advise the buyer that the owner refused. Cite: 59 O.S. § 858-513(A)-(C); OAC 605:10-15-3.

An Oklahoma licensee gives a buyer square footage taken from the tax assessor's record. What does the license law require?

• a.The licensee must independently measure the property to verify the figure
• b.The licensee must obtain a licensed appraiser's measurement before quoting any figure
• c.The licensee warrants the accuracy of any size figure that is passed along
• d.The licensee must identify the source of the third-party information✓

Size or area need not be provided at all, and if provided is not a warranty or guarantee. When a licensee does supply third-party information, such as an appraisal, survey, assessor's record or builder's plan, the licensee must identify its source. There is no duty to investigate independently or to verify accuracy. Cite: 59 O.S. § 858-515.1(A)-(C).

Oklahoma's wholesaler statute gives a homeowner a right to cancel the wholesaler's contract. How long is that window?

• a.Three calendar days from execution
• b.Two business days from execution✓
• c.Five business days from execution
• d.Until the wholesaler assigns the equitable interest

A wholesaler must disclose in writing that the homeowner may cancel without penalty within two business days after execution, and the statute independently grants that right. Omitting any required disclosure renders the contract invalid and unenforceable by the wholesaler and entitles the homeowner to the earnest money. Cite: 59 O.S. § 858-314(A)(3), (C), (F), added by Okla. Laws 2025, SB 1075, § 2, eff. Nov. 1, 2025.