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Why do I need a real estate continuing education provider bond in Hawaii?
Real estate continuing education providers must file a surety bond before they can provide legal real estate instruction. Obtaining a real estate continuing education provider bond is a required step for becoming licensed through the Hawaii Department of Commerce and Consumer Affairs. Real estate school bonds help protect real estate brokers and salespersons from fraudulent or unlawful business services on behalf of their instructors. Should the school or instructor violate a provision outlined in Chapter 467 of the Hawaii Revised Statutes or Title 16, Chapter 99 of the Hawaii Administrative Rules, this bond can be subject to a valid claim filed by the obligee. Violations include:
- operating without a valid certificate of registration
- failing to provide the required continuing education hours
- offering courses that do not adhere to the commission-approved curriculum
- certifying students who have not satisfied the required number of hours or passed the final examination
- failing to be available for student assistance
A detailed list of the requirements and violations for real estate continuing education providers can be found in Chapter 467 of the Hawaii Revised Statutes.
In the event of a valid claim, the surety must cover the losses and damages incurred by the obligee. The principal then must repay the surety in a timely manner.
What is the cost of a Hawaii real estate continuing education provider bond?
The bond amount varies according to the scope of the real estate service. The bond amount is determined by considering the maximum number of students permitted in a classroom, multiplied by the advance deposit charged per student, multiplied by the maximum number of courses held at any one time during the school’s first year. In no case can the amount be less than $1,000. This bond remains valid until December 31 of even-numbered years (or until the certificate of registration expires), at which time you must renew the bond to continue running your business legally.
*Because the bond amount varies, we must implement an underwriting process to determine your bond rate. This involves a review of your credit report. Worried about bad credit? We have a bad credit bonding program that enables us to approve 99% of our applicants.
How to become a licensed real estate instructor or school in Hawaii
All pre-license real estate instructors and schools must obtain certificates of registration before commencing operations. Applicants should:
1. Complete the Application for Real Estate Prelicense Education School Registration.
This application will require basic information, such as the school’s information, as well as lists of its certified instructors.
2. Obtain a surety bond in the correct amount.
Applicants must use the State of Hawaii’s Bond for Prelicense Real Estate Schools and Continuing Education Providers. Other bond forms and retyped versions are not acceptable.
Submit an online application, and a surety specialist will contact you with a free quote for your bond!
3. Attach all required documents.
In addition to the application and bond, you will be asked to attach:
- A signed Statement of Ethical Teaching Practices for each instructor who teaches for the pre-license school
- A signed Consent Form, school catalogue brochure, and description of courses to be offered
- Student registration and enrollment forms
4. Pay all required fees and submit your application for registration.
Applicants must pay the $50 application fee. Additional fees can be found in the Registration of Real Estate Prelicense Education School form.
Additional considerations for real estate continuing education providers
This is a biennial bond, meaning that bondholders must renew this bond before December 31 of even-numbered years if they wish to continue running a real estate school. In the event of cancellation, the surety must provide the Department of Commerce and Consumer Affairs with 30 days' written notice of cancellation. During these 30 days, the surety remains liable for any claims filed against the bond.
A school shall not offer courses for the fulfillment of the educational requirement for a real estate license unless it first registers at least 90 days prior to the opening date of the school, allowing 45 days for application processing.