Property Management
An Oklahoma property manager must keep rental income and security deposits:
AIn the manager's personal bank account for convenience
BIn the brokerage's general operating account
CIn a separate trust account distinct from the manager's own funds✓ Correct
DIn a certificate of deposit for investment purposes
Explanation
Oklahoma property managers must keep client funds (rents, security deposits) in a separate trust account that is segregated from the manager's and brokerage's own funds. Commingling of funds is a serious violation.
Related Oklahoma Property Management Questions
- When an Oklahoma commercial lease expires and the tenant remains in possession without signing a new lease or receiving eviction notice, this creates a:
- A property manager who mixes owner funds with personal funds is guilty of:
- A net lease requires the tenant to pay:
- Under the Oklahoma Residential Landlord and Tenant Act, a landlord's failure to maintain the premises in a habitable condition may allow the tenant to:
- A property manager in Oklahoma who discovers that a rental property has structural issues making it potentially unsafe for habitation should:
- An Oklahoma property manager overseeing a Section 42 Low-Income Housing Tax Credit (LIHTC) property must ensure:
- An Oklahoma commercial tenant's lease expires and the parties have not renewed. The landlord accepts another month's rent payment. Under Oklahoma law, this likely creates:
- A property management agreement is best described as a(n):
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →