law

Real Estate Education and Recovery Fund (Oklahoma)

Oklahoma's Real Estate Education and Recovery Fund pays consumers who obtain a final district court judgment against a licensee for a License Code violation that cannot be collected; it also funds education. The suit must be filed within two years after the cause of action accrues, with written notice to the Commission. Payment is limited to actual or compensatory damages up to $25,000 per claimant, $50,000 per transaction, and $50,000 per licensee, plus attorney fees up to 25%. Payment automatically revokes the license until repaid with 7% interest.