PSI Oklahoma Real Estate Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions with hints and explanations. Excel on your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

In what situation would a broker have to notify the Oklahoma Real Estate Commission?

Annual income reports
Change of business address
Establishing a new trust account
Real estate transaction details

The correct answer is: Establishing a new trust account

A broker must notify the Oklahoma Real Estate Commission when establishing a new trust account because this action involves the handling and safeguarding of clients' funds. Trust accounts are central to the broker's fiduciary responsibilities and must comply with state regulations to ensure that client money is properly managed and protected. The commission needs to be informed to maintain oversight of these accounts, as they are subject to specific legal requirements and fiduciary duties. While changes in annual income reports, business addresses, and transaction details are important aspects of a broker's operations, they do not directly impact the regulatory framework relating to the handling of client funds in the same immediate way that establishing a trust account does. These other aspects may require reporting in certain contexts, but the establishment of a trust account is a critical regulatory obligation that is aimed at client protection and transparency in real estate transactions.