Final answer:
Any person who has suffered a monetary loss due to the actions of a real estate licensee in Oklahoma may apply to OREC for payment from the OK Real Estate Education and Recovery Fund.
Step-by-step explanation:
Any person who has suffered a monetary loss due to the actions of a real estate licensee in Oklahoma may apply to the Oklahoma Real Estate Commission (OREC) for payment from the Oklahoma Real Estate Education and Recovery Fund.
The fund is set up to reimburse consumers for actual damages, court costs, and reasonable attorney fees resulting from a licensed real estate professional's misconduct or failure to perform their duties.
Examples of situations where a person may apply for payment from the fund include fraud, misrepresentation, breach of fiduciary duties, or failure to deliver on a contractual agreement.