Massachusetts Real Estate Broker Bond Guide
If you are working as an real estate broker in Massachusetts, you'll need to purchase a surety bond. Read on to learn all about the bonding process.
Bond Overview
- Purpose: To hold ensure real estate brokers operate legally and honestly
- Who Needs It: All real estate brokers seeking licensure in Massachusetts
- Regulating Body: The Massachusetts Board of Registration of Real Estate Brokers and Salespersons
- Required Coverage: $5,000
- Premium Rate: $50 for the 6-year term
What is a Massachusetts Real Estate Broker Bond?
Massachusetts General Law Section 87TT requires individuals file a $5,000 surety bond before their real estate broker license can be issued or renewed. The state's official form is titled the “Real Estate Broker Bond” and specifically requires the licensed real estate broker to faithfully account for all funds entrusted to them as a real estate broker.
How Much Does a Massachusetts Real Estate Broker Bond Cost?
The Massachusetts real estate broker bond costs $50 for the state-required 6-year term. Your $50 premium will cover your entire 6-year bond term as required by the state.
How Can You Get a Real Estate Broker Bond in Massachusetts?
You can purchase your Massachusetts real estate broker bond online 24/7. You must provide the following information exactly as it appears (or will appear) on your broker license for Division of Professional Licensure approval.
- Broker name
- Address
- County
- License/registration or professional ID number
Once your payment has been processed, your official Massachusetts surety bond will be sent to your email instantly.
How Fast Can I Get a Real Estate Broker Bond?
SuretyBonds.com offers instant Massachusetts real estate broker bond delivery 24/7. Purchase now to receive your official real estate broker license bond in minutes by email.
What is the Purpose of a Broker Bond?
You must file this form in the $5,000 required bond amount before your Massachusetts real estate broker license will be issued or renewed. By filing this bond you agree to comply with all rules established in Chapter 112 of the General Laws of Massachusetts when working as a licensed real estate broker. If you fail to do so, your issuing surety company will pay valid claims to harmed parties up to the full $5,000 bond amount, which you must reimburse.
Who Regulates Licensing for Real Estate Brokers?
The Massachusetts Division of Occupational Licensure Board of Registration of Real Estate Brokers and Salespersons enforces licensing regulations for the state's real estate brokers. If you have questions about your Massachusetts real estate license, you can contact the board by calling 1(617)701-8661 or emailing [email protected].
How Do I Update or Change My Real Estate Broker Bond?
If the Board of Registration of Real Estate Brokers and Salespersons requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your broker name, address, or county to match your broker license paperwork.
How Do I Renew My Massachusetts Real Estate Broker Bond?
You must renew your Massachusetts real estate broker bond before its current 6-year-term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be provided to keep your bond active for your next license term.
How Do I Get My Real Estate Broker License in Massachusetts?
To become a licensed real estate broker in Massachusetts, you must meet the following criteria established by the Massachusetts Board of Real Estate Brokers and Salespersons.
- Be at least 18 years old
- Complete 40 hours of pre-licensing education
- Have 3 years experience working for a broker
- Have a current salesperson license
- Obtain 3 candidate endorsements
If you meet the licensing criteria, you can apply for your Massachusetts real estate broker license online by completing the following steps.
- Fill out your application.
- Pass the required license examination.
- Pay all required fees.
- Purchase and file a Massachusetts surety bond in the $5,000 required bond amount.
Check out our step-by-step guide on getting a Massachusetts real estate broker license for more details.
How Can You Avoid Claims Filed Against Your Real Estate Broker Bond?
To avoid claims against your Massachusetts broker bond, you must follow the Massachusetts general laws when working in the state's real estate industry. If you fail to do so, your issuing surety company will pay valid claims up to your full $5,000 bond amount, which you would be required to reimburse in full.
