The obligation of an associate to remit monies, valuable documents and other property coming into his or her possession within the meaning of subsection six (6), Section 858-312 of the Code shall be construed include but shall not be limited to the following:
- (1) Shall turn over all documents, files and monies deposited, payments made, or things of value received by the associate to his or her broker promptly; and
- (2) Shall deliver a copy of all instruments to any party or parties executing the same when such has been prepared by the associate or pertains to the consummation of a transaction in which he or she participated.
- (3) Shall not be authorized to open or maintain a trust or escrow account, or be a signer on a trust or escrow account wherein the associate is providing licensed activities as defined in the License Code and Rules; however, an associate may open or maintain a trust or escrow account, or be a signer on a trust or escrow account, when the associate is performing activities as outlined in Section 858-301 of the Code.
Amended at 15 Ok Reg 3322, eff 7-13-98
Amended at 16 Ok Reg 394, eff 1-1-99 (emergency)
Amended at 16 Ok Reg 2561, eff 7-1-99
Amended at 27 Ok Reg 1940, eff 7-1-10
Amended at 34 Ok Reg 1980, eff 11-1-17