Oklahoma License Law
OREC's Real Estate Education and Recovery Fund provides compensation to:
ALicensees who lose commissions in a transaction
BMembers of the public who suffer actual monetary losses due to a licensee's fraud, misrepresentation, or dishonest conduct✓ Correct
CBrokers who have uncollected referral fees
DAll Oklahoma homebuyers for closing cost assistance
Explanation
Oklahoma's Recovery Fund protects consumers — not licensees — by providing a source of compensation when they suffer financial losses caused by fraud, misrepresentation, or dishonest dealings by a licensed real estate professional.
People Also Study
Related Oklahoma Questions
- Oklahoma's Real Estate Education and Recovery Fund provides:Oklahoma License Law
- What is the Oklahoma Real Estate Education and Recovery Fund designed to do?Oklahoma License Law
- The Oklahoma Real Estate Education and Recovery Fund pays a maximum of how much to any one claimant per transaction?Oklahoma License Law
- An Oklahoma property manager who is a licensed real estate broker can receive compensation from which source?Property Management
- How many hours of continuing education must Oklahoma licensees complete per 3-year renewal cycle?Oklahoma License Law
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
State-Specific Concepts
License Law
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →