Property Management
In Oklahoma, a property manager handling security deposits has a legal obligation to:
AInvest them in mutual funds for the owner's benefit
BKeep them in a segregated trust account, provide an itemized accounting upon lease termination, and return any balance to the tenant within 45 days✓ Correct
CTurn them over to the Oklahoma Banking Department
DUse them for property operating expenses when cash flow is tight
Explanation
Oklahoma law requires strict handling of security deposits: segregated trust account, return with itemized statement within 45 days of lease termination. Failure to comply can result in the landlord forfeiting the right to make deductions and potentially owing double damages.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
State-Specific Concepts
Trust Account Rules
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