PSI Oklahoma Real Estate Practice Test

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Prepare for the Oklahoma Real Estate Exam with our quiz. Test your knowledge with flashcards and multiple-choice questions, each providing hints and detailed explanations. Ace 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.

What is the result of a broker not providing an accounting within the specified timeframe?

Automatic termination of the contract
Potential legal consequences
No repercussions if it's a minor delay
The broker can charge additional fees

The correct answer is: Potential legal consequences

The correct choice highlights that if a broker fails to provide an accounting within the specified timeframe, there could be potential legal consequences. This underscores the responsibility of the broker to adhere to the established timelines and legal obligations concerning financial reporting and trust account management. Brokers are required to maintain transparency and accountability in their financial dealings, especially when they handle clients' funds. A failure to provide an accounting on time can lead to disputes, claims against the broker's license, or even civil litigation if the client feels they have been wronged. Therefore, the broker's failure to comply can create significant legal implications, reinforcing the importance of adherence to the regulations that govern real estate practices. The other options do not accurately reflect the seriousness of the broker's responsibilities. For instance, the automatic termination of the contract or charging additional fees does not typically stem from a delay in accounting unless specific provisions state otherwise. Likewise, stating that there would be no repercussions for a minor delay downplays the potential consequences and responsibilities that brokers carry in their professional conduct.