Property Management
An Oklahoma property manager who accepts cash rent payments from tenants should:
ADeposit cash into their personal account for convenience
BIssue receipts for all cash payments, deposit funds promptly to the trust account, and maintain detailed records — cash transactions require extra diligence to ensure proper accounting✓ Correct
CAvoid accepting cash entirely
DReport all cash payments over $100 to OREC
Explanation
Accepting cash rent payments requires extra diligence: always provide written receipts, promptly deposit to trust accounts, maintain detailed records, and follow BSA/Bank Secrecy Act reporting requirements for large cash transactions. Cash is more vulnerable to misappropriation claims.
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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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