Oregon Real Estate Marketing Organization Bond - $35,000
The government of Oregon sees to regulate the real estate industry to ensure the safety of consumers and proper compliance of businesses. Real Estate Marketing Organizations (REMOs) are private, for-profit organizations that help property managers, brokers, and principal brokers to lease, rent, and purchase real estate.
According to a recent survey conducted between December 2017 and December 2018, the median value of homes in Oregon is at $342,100. More specifically, it was found that the median prices for homes listed are at $374,900 while the median prices of houses sold were at $328,200. The prices were also projected to rise to 1.9% within 2019.
In protecting all the concerned parties, the Oregon Real Estate Agency (OREA) mandates businesses to secure their Real Estate Marketing Organization Bond.
What is the Oregon Real Estate Marketing Organization Bond?
In essence, the Oregon Real Estate Marketing Organization Bond is a form of legal assurance that potential liabilities accumulated by the business involved will be duly covered. This protects real estate owners, the State of Oregon, as well as the business reputation and credibility of the organization involved. The bond is also a pre-requisite before securing their own Real Estate Marketing Organization license.
Why do you need the Oregon Real Estate Marketing Organization Bond?
In order to operate as a legal REMO in the state of Oregon, you must first acquire a REMO license and bond to establish a good and legal standing in the state. Aside from this, you are guaranteed the good reputation of your company, financial security and credential boost, available full line of credit, confidentiality of your transactions (unless required by law), and access to professional advice counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (real estate marketing organizations), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Real Estate Agency and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does the bond cost?
You may expect the bond to be priced between $350 and $1,750. Further, the premiums are set between 1% and 5% with the latter being the worst rate you can get. To give you a better picture and help you prepare for the credit check the surety companies will conduct, here are the determining factors for the premium rates:
- employer’s credit score
- industry experience
- business history
- surety provider’s background
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon Real Estate Marketing Organization Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!