Real estate broker bond cost
The Massachusetts Registration of Real Estate Brokers and Salesmen requires real estate brokers in the state to post a $5,000 surety bond.
Why this bond
Massachusetts real estate broker bonds ensure that brokers will only start conducting business once they have obtained their license. These bonds also assure customers that brokers will account for all monies entrusted to them. If a principal violates the bond’s terms, a claim can be made to provide reparation for damages.
Real estate broker bond details
The surety company must list one of these two numbers on the bond form:
- principal’s license/registration number (brokers already licensed – do not use the serial number)
- principal’s professional ID number (new brokers only)
The broker’s name and address must be listed on the bond form exactly the same as on the broker license. The broker’s county must also be listed on the form.
Real estate broker bonds in Massachusetts are continuous until canceled. If the bond is to be canceled, the surety must provide 30 days of written notice to the Board of Registration of Real Estate Brokers and Salesmen.
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