Oklahoma License Law
Oklahoma's E&O insurance requirement for licensees was implemented to:
AProtect OREC from liability
BProtect consumers who suffer financial losses from licensee mistakes, negligence, or errors in professional services✓ Correct
CFund OREC's disciplinary proceedings
DReplace the need for bonding by individual licensees
Explanation
Mandatory E&O insurance requirements protect consumers who may suffer financial harm from a licensee's professional mistakes, omissions, or negligence. It ensures there are funds available to compensate victims of licensee errors.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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State-Specific Concepts
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