BONDS
Coverage Amount:
$10,000
Cost:
$100.00
Period:
1–3 years
The California PRLS Bond is a $10,000 surety bond required for each location of a prepaid rental listing service. It protects consumers if a PRLS business violates the Business and Professions Code.
Licensees file the original bond with the Department of Real Estate and must maintain continuous coverage while licensed.
Obligee: California Department of Real Estate
Amount: $10,000 per licensed location
Who needs it: Prepaid rental listing service businesses
Filing: Original bond filed with DRE
Maintain continuous coverage for license compliance
What is a surety bond and how does it work?
A surety bond is a three-party agreement among the principal (you), the obligee (the government agency), and the surety (bond company). It guarantees you will follow laws and regulations. If a valid claim is paid, the surety seeks reimbursement from the principal. A bond protects the public—not the licensee.
Who requires the bond and who sets the bond amount?
How long is the bond term and how do renewals work?
How is the bond filed with the agency?