Contracts
In Oklahoma, earnest money deposited by a buyer is:
AImmediately payable to the seller upon contract execution
BHeld in the broker's trust account until closing or disposition per contract terms✓ Correct
CDeposited into the state's real estate recovery fund
DNon-refundable under all circumstances
Explanation
Earnest money must be deposited in the broker's trust (escrow) account and held until closing or until the parties agree to its disposition. Commingling earnest money with the broker's personal or operating funds is a violation of Oklahoma license law.
Related Oklahoma Contracts Questions
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- A listing agreement that automatically renews unless cancelled is known as a:
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