PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

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.

If a dispute arises prior to disbursement of funds, what should the broker do?

Pay the money to the seller
Return the money to the purchaser
Continue to retain the money in trust until a release is obtained
Keep the money for commission

The correct answer is: Continue to retain the money in trust until a release is obtained

When a dispute arises regarding funds before they can be disbursed, the broker has a fiduciary duty to uphold the interests of all parties involved and must act according to established legal and ethical guidelines. Retaining the money in trust until a release is obtained ensures that neither party suffers undue loss while the dispute is being resolved. This approach protects the broker from potential liability and maintains trust with all parties involved, as it demonstrates a commitment to fair handling of the funds. By keeping the funds in trust, the broker allows for the legal resolution of the dispute without prematurely favoring one party over the other. This stance is also consistent with the principles of ethical real estate practice, which prioritize responsible handling of clients' money and the avoidance of actions that could escalate conflict.