North Carolina Private Real Estate School Bond |
AmeriPro Surety Bonds | 844-589-9732
Real Estate Schools – North Carolina
Private real estate schools conducting business in North Carolina are regulated by the North Carolina Real Estate Commission.
According to North Carolina law, real estate schools must provide evidence of a single $5000 surety bond before beginning operations.
North Carolina Private Real Estate School Bond: Its Premium
The cost of the $5000 North Carolina private real estate school bond will be determined by a standard application and a credit score check and review.
Because of the bond’s small size, applicants may typically expect to pay a small overall dollar amount, perhaps in the 3-5% range; however, the amount that any applicant, including you, will pay will be determined by a credit score check and information provided on you surety bond application.
While a separate $5000 surety bond, according to North Carolina law, is required for each license which is issued and approved, a separate surety bond is not required for each branch of a licensed school ( §93A-36).
In other words – a $5000 surety bond for each separate NC real estate school license, not branch.
North Carolina Private Real Estate School Bond: Duration
Once issued, your real estate school bond is active for one year after issuance, and thereafter must be renewed.
An active surety bond must remain in file in order to remain eligible to operate as a school within in the state.
This Surety Bond’s Purpose
While this private real estate school bond is required of you, its benefit is for your students.
This surety bond protects against the failure to comply with any contractual agreement with your students, whether written or verbal.
Students who can credibly demonstrate harm have the right to file against your surety bond, and receive interest of 6%, according to North Carolina law, of the date of payment.
As principal of this surety bond, you shoulder the responsibility of reimbursing all costs and fees paid by the surety against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout North Carolina.
Our agency also provides surety bonds nationwide.
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