California Prepaid Rental Listing Service Bond
Know the details of this important license requirement below!
What is a California Prepaid Rental Listing Service Bond?
The purpose of this bond is to indemnify an unsatisfied judgment creditor if the licensed prepaid listing service fails to do the following:
- Provide a refund to a prospective tenant if the licensee fails to supply at least three rental properties that are available to the prospective tenant within five days after the execution of the contract.
- Refund any fee paid over and above the $50 service charge to the prospective tenant if the prospective tenant obtains a rental other than through the services of the licensee during the term of the contract or does not obtain a rental.
- Refund the $50 service charge to the prospective tenant within 10 days after receiving a demand for a refund.
The bond must be submitted to the Bureau of Real Estate of the State of California along with other license requirements. This is in pursuance of Section 10167.7 of the California Business and Professions Code.
How much does a California Prepaid Rental Listing Service Bond cost?
The bond premium will depend on the license applicant’s credit score. Bond premium will start at 1% of the bond amount for those who have excellent credit scores.
The bond amount is $10,000.
Know what you need to pay right now! GET YOUR FREE QUOTE HERE today!
How can I get a California Prepaid Rental Listing Service Bond?
Just follow these simple steps on how to get this bond below:
- The first thing that you have to do is to APPLY FOR THIS BOND HERE!
- Your application will immediately be processed once we have received it. We will contact you if we need further information or if you need to submit documents needed for the prequalification process. The following will be checked during the prequalification process:
- Your financial capability
- Your business or job performance history
- Your credit score
Our expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you after the indemnity agreement is signed.
How does a California Prepaid Rental Listing Service Bond work?
This bond is a legal promise made by the Principal (prepaid rental listing service) and the Surety (surety bond company) to refund the monies required by law to the prospective tenant (Obligee). The Principal is responsible for fulfilling that promise. The Surety will serve as a guarantor of the Principal in case the Principal defaults on the obligation.
If a default occurs and a claim is made against the bond, the Surety will ensure that the Obligee is paid. The Principal must then reimburse the Surety for the payments made.
Those with low credit scores are eligible to apply for this bond. APPLY HERE!