How much does a $5,000 real estate broker bond cost in Massachusetts?
A $5,000 real estate broker bond in Massachusetts costs $50 for six years of coverage and is required by the Massachusetts Registration of Real Estate Brokers and Salesmen.
SuretyBonds.com issues these six-year bonds instantly without a credit check. Simply click Buy Now to visit our secure bond checkout. In just a few minutes, you can be on your way to becoming bonded as a real estate broker in Massachusetts.
|Bond Type||Bond Amount||Cost|
|$5,000 Real Estate Broker Bond 5-year term||$5,000||$50|
Surety Bonds for Massachusetts Real Estate Brokers
Surety bonds for Massachusetts real estate brokers are required to ensure that brokers will account for all monies entrusted to them, as well as comply with all rules established in Chapter 112 of the General Laws of Massachusetts. If the broker—also called the principal—violates the terms of his or her surety bond, a claim can be made against the broker as a means of collecting reparation for damages.
The bond will only be accepted by the obligee if it includes a current licensee’s license or registration number or a new broker professional identification number. The broker’s name and address must be listed on the bond form exactly as they appear 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’ written notice to the Board of Registration of Real Estate Brokers and Salesmen.
How to obtain a Massachusetts real estate broker license
To become a real estate broker in Massachusetts, applicants must meet a set of criteria established by the Massachusetts Board of Real Estate Brokers and Salespersons.
Requirements to be fulfilled by applicants seeking a license include:
- Completing 40 hours of pre-licensing education
- Obtaining a $5,000 surety bond
- Passing a license examination covering general and state-specific rules and regulations for brokers
- 50 minutes for the general portion and 90 minutes for the state portion, with a minimum score of 70% on each
- Only sections that are failed must be retaken
- The exam fee is $106
- Obtaining endorsements from three unrelated individuals
- Completing an application and paying all applicable fees
- The license fee is $150
Once you become a broker, your license needs to be renewed every two years.