Massachusetts Real Estate Broker Bond
Know the who, what, and how of this surety bond!
What is a Real Estate Broker Bond?
Every real estate broker or salesperson in the Commonwealth of Massachusetts is required to furnish a surety bond to the Massachusetts Board of Registration of Real Estate Brokers and Salesmen as part of the requirement for a license application.
- They must do so before engaging in real estate transactions, which includes the following:
- Act as a dual agent with the consent of the prospective purchaser or seller
- Act as designated agent for more than one party to a real estate transaction
- Provide services as a facilitator
- Record all monies or funds that the real estate broker handles
As one of the bond’s conditions, the real estate broker will be obligated to perform his or her duties in accordance with Chapter 112 of the Massachusetts General Laws as well as all the other applicable rules and regulations.
If the real estate broker commits a violation, an action can be taken against the surety bond to indemnify the intended beneficiary.
What is the Real Estate Broker Bond amount?
The bond amount is $5,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium, or just 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Real Estate Broker Bond?
In order to secure this type of bond, the license applicant 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 prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the Commonwealth of Massachusetts
- The surety bond should be made payable to the Commonwealth of Massachusetts
- The licensed real estate broker or salesperson must comply with the provisions of Chapter 112 of the Massachusetts General Laws as well as the rules and regulations of the Massachusetts Board of Registration of Real Estate Brokers and Salesmen
- If the licensed real estate broker or salesperson commits a violation, the Obligee of the bond will be eligible to file for a bond claim