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Real Estate Salesperson Exam — National Portion

Trust money (OK): practice questions

Our Real Estate (National) bank has 4 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Oklahoma

Unless all parties agree otherwise in writing, an Oklahoma broker must deposit escrow funds before:

  1. The end of the next business day after the broker receives the funds
  2. Five calendar days after acceptance of the offer
  3. The end of the third banking day after acceptance or receipt
  4. The date on which the transaction closes
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C. The end of the third banking day after acceptance or receipt — OAC 605:10-13-1(a)(1)(D).

Question 2 · Oklahoma

An Oklahoma broker places escrow money in an interest-bearing account. What is required?

  1. Obtain Commission approval in writing before opening the account
  2. Disclose in writing that it bears interest and who receives it
  3. Pay all the interest to the buyer who made the deposit
  4. Use a certificate of deposit to earn the highest rate
Show the answer

B. Disclose in writing that it bears interest and who receives it — OAC 605:10-13-1(c); time deposits such as CDs are prohibited.

Question 3 · Oklahoma

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

  1. Seven years
  2. Five years
  3. Two years
  4. Three years
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B. Five years — OAC 605:10-13-1(l); for trust records, from the date of disbursal.

Question 4 · Oklahoma

With no civil action pending and 30 days after the contract finally terminated, what notice must a broker give before a good-faith disbursal of disputed earnest money?

  1. Ten days' notice published in a newspaper
  2. Five days' oral notice to the buyer only
  3. Fifteen days' written notice to all parties
  4. Thirty days' written notice to the Commission
Show the answer

C. Fifteen days' written notice to all parties — OAC 605:10-13-3(b).

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