Property Management
An Oklahoma property manager is responsible for maintaining accurate records of all trust account transactions. These records should be retained for:
AOnly until the current lease expires
BA minimum period set by OREC and Oklahoma law, typically at least 5 years, to allow for audits and dispute resolution✓ Correct
C30 days only
DNo retention requirement exists
Explanation
Oklahoma law and OREC regulations require brokers to maintain transaction and trust account records for a minimum period (typically 5 years). Adequate recordkeeping is essential for audits, resolving disputes, and demonstrating compliance.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Trust Account Rules
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