Oklahoma Code and Rules: Trust Funds
At the foundation of any real estate transaction is the transfer of funds from one party to another. Real estate professionals act as intermediaries in this process, commonly handling funds entrusted to them from one party or the other as part of the transaction. These funds, referred to as trust funds, may involve earnest money deposits, security deposits, or rent payments. The proper handling of trust funds is a fiduciary duty of real estate licensees, and it must be done with care and integrity.
Oklahoma Code and Rules: Trust Funds explores the trust fund management guidelines set forth by the Oklahoma Real Estate Commission in the Oklahoma Real Estate license Code and Rules.
Course highlights include:
- A review of broker and associate trust fund duties and responsibilities
- Tips to avoid the commingling of funds
- A discussion of special escrow disbursement guidelines
- An overview of the requirements for electronic record retention
- Instructions for handling a security breach of personal information