Oklahoma License Law
When OREC audits a broker's trust account and finds a shortage, OREC may:
APay the shortage from OREC's budget
BImmediately suspend the broker's license and investigate the cause of the shortage✓ Correct
CIssue a written warning only for first offenses
DAllow the broker 90 days to restore the funds before any action
Explanation
A trust account shortage is a serious violation. Upon discovery, OREC may immediately suspend the broker's license and investigate whether the shortage was due to commingling, conversion, or accounting errors. Protecting client funds is paramount.
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