Agency
Under Oklahoma brokerage law, the duty of 'accounting' requires a real estate agent to:
APrepare the seller's tax returns
BAccount for and properly handle all funds and property entrusted to the agent by clients, including earnest money and security deposits✓ Correct
CProvide a CPA-certified financial statement to all clients
DReport the client's income to the IRS
Explanation
The duty of accounting requires agents to properly handle, account for, and protect all funds and property received from or on behalf of clients. This includes timely depositing earnest money in the broker's trust account and maintaining accurate records.
Related Oklahoma Agency Questions
- Which of the following best describes a 'transaction broker' or 'facilitator' relationship in Oklahoma?
- Which duty does an Oklahoma licensee owe to ALL parties in a transaction, regardless of who they represent?
- An Oklahoma listing agent receives two offers simultaneously — one from a buyer working with a cooperating agent and one from an unrepresented buyer. The listing agent must:
- An Oklahoma seller refuses to accept a full-price offer because the buyer is of a different religion. The seller's listing agent should:
- An Oklahoma seller's agent learns that the seller has accepted an offer that is contingent on the buyer selling their current home. The agent's fiduciary duty requires the agent to:
- Under Oklahoma's agency disclosure requirements, the Oklahoma Broker Relationships disclosure form must be provided:
- An Oklahoma real estate licensee working as a transaction broker (limited non-agent) can assist with which of the following activities?
- An Oklahoma agent who represents a seller must present all offers regardless of:
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