What is a Louisiana Real Estate School Bond?
A quick guide to one of the most important requirements for real estate schools in Louisiana!
To be issued a certificate to operate, every real estate school in the State of Louisiana is obligated to procure a surety bond. This requirement is enforced by the Louisiana Real Estate Commission by Section 37.5305 of its rules and regulations.
One of the surety bond’s purposes is for the real estate school to honor its contractual obligations to its students according to the state laws and relevant rules.
If the real estate school has been proven to have deviated from any of its lawful duties, the enrollee who has been harmed by the act will be eligible to receive financial compensation through the surety bond.
What is the Real Estate School Bond amount?
The bond amount is $10,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium! Bond premium starts at $100.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Real Estate School Bond?
To secure this type of bond, the new applicant for a real estate school certificate must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond company or agent that is licensed to perform such business in the State of Louisiana
- The surety bond should be written in a form that is approved by the Louisiana Real Estate Commission
- The surety bond should be made payable to the State of Louisiana on behalf of the real estate school’s enrollees
- The real estate school is obligated to follow the provisions of the Louisiana Real Estate License Law or 37:1431 et seq. of the Louisiana Revised Statutes, as well as the rules and regulations of the Louisiana Real Estate Commission
- If the real estate school defaults on its obligations, the aggrieved party will be eligible to file a claim against the surety bond
- The real estate school should submit a surety bond renewal annually
Need your surety bond immediately? APPLY NOW!