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How much does a real estate school bond cost in Texas?
The Texas Real Estate Commission requires owners and operators of real estate schools to post $20,000 surety bonds prior to conducting business.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. Qualified applicants could pay as little as $200. Apply for your free bond quote now!
If you’re ready to become bonded and work personally with the best surety experts in the business, call SuretyBonds.com at 1 (800) 308-4358 or click here to fill out an online bond request form now.
Why do I need this bond?
Texas real estate school bonds are put in place to guarantee that the tuition and other relative fees paid by the students or their sponsors to the school are handled responsibly and used solely for the benefit of the student. These bonds also ensure that all students enrolled in the education program receive the education contracted and promised.
If the school ceases to operate for any reason, including suspension, bankruptcy, foreclosure, or revocation, the principal (school) must reimburse each student for such loss and can do so with the surety bond. The surety will use the bond to pay all harmed parties up to the full penal sum ($20,000), and the principal must reimburse the surety for all damages paid out.
Ready to get bonded quickly and easily? Apply for your free bond quote now!
What’s the fine print?
Real estate school bonds in Texas require the principal to remain in compliance with Section 1101.302 of the Texas Occupations Code and the Real Estate License Act. This bond remains in full force and effect unless otherwise canceled. The surety can cancel the bond by giving written notice of cancellation to the Texas Real Estate Commission at least 30 days prior to the effective cancellation date.
How to start a real estate school in Texas
It is against the law to operate an educational institution specializing in real estate in Texas without holding the proper license to do so. To obtain a license, applicants must do the following:
- file a completed application
- undergo the necessary educational courses
- take the required examinations
- be at least 18 years of age
- be a citizen of the United States
- be a resident of Texas
- pay all required application fees