Oregon Real Estate Marketing Organization Bond
A $35,000 surety bond is required for a Real Estate Marketing Organization (REMO) to become licensed with the Oregon Real Estate Agency (REA). The bond is required to ensure the REMO pays all court judgements made against the REMO for violations under ORS Chapter 696.
Jet is the only direct Surety provider for the real estate marketing organization bond with the best rates available and excellent service to match
What Is the Cost of the Real Estate Marketing Organization Bond?
The cost of the Real Estate Marketing Organization Bond starts at $263 annually or $26 monthly. Multiple year options are available as well starting at $459 for 2 years and $656 for 3 years. The bond premium rate is based on the personal credit of the business owner and rates below are based on a preferred credit applicant.
| Term | Cost |
|---|---|
| Monthly | $38 |
| 1 Year | $375 |
| 2 Years | $656 |
| 3 Years | $938 |
Jet cuts out the middleman, brokers and agents, leveraging efficiencies from a streamlined process to offer the lowest prices in the market. You are able to apply, purchase, and have your bond executed instantly online. An original copy of the bond will be mailed to you to sign and file with the Oregon Real Estate Agency.
How Is the Real Estate Marketing Organization Bond Filed?
The Real Estate Marketing Organization Bond is required to be filed to maintain a license with the Oregon Real Estate Agency. Jet will file the bond for the REMO directly to the REA.
New licensees may file the surety bond along with the application paperwork and Jet will provide the original to you upon request. You can file the application by mail to:
State of Oregon Real Estate Agency
530 Center St. NE Ste. 100
Salem, OR 97301-2505
Can I Cancel My Real Estate Marketing Organization Bond?
Yes! With Jet you can cancel the bond at any time and receive a prorated refund for time left on the bond. Upon receiving your request, Jet will promptly file a cancellation notice to the Oregon Real Estate Agency. The REMO bond has a 30 day cancellation provision, so the bond will not cancel until 30 days after Jet provides a written notice to the REA. Premium returns will take into account that 30 day period where the bond is still active as Jet is still providing coverage.
The REMO bond is a requirement to maintain the REMO license. According to ORS 696.612 (10), if the bond is cancelled, the REMO license will be voided. A new bond will need to be issued at that point, which can be done easily enough to reactivate the REMO license.
How Do I Avoid Real Estate Marketing Organization Bond Claims?
The bond is required by the REA to cover payments that will stem from actual damages that will arise out of failure to lawfully abide by the rules set in Oregon Statutes ORS Chapter 696.600 - 696.6.27. To avoid potential disciplinary action, REMOs need to comply with all license requirements and state regulations. A list of violations that can occur for REMOs is brokedown under the Oregon statutes regarding grounds for disciplinary action. Below are a few examples of a regulatory violations:
- Knowingly or negligently misrepresentation any matter of real estate marketing
- Fail to make payment or provide documentation in a timely manner that belongs to others
- Guarantee future profits of from the resale of property
- Fail to register employees with the REA
- Demonstrate bad faith, dishonesty, or fraudulent activities.
The REA will investigate violations and may make orders to the REMO to rectify the violations and/or enact civil penalties against the REMO. The REMO must abide by the determination of the REA or face further action against them including bond claims and/or revocation of their license.
What Happens If I Get a Real Estate Marketing Organization Bond Claim?
Contact Jet upon receipt of a claim notice immediately and we perform a thorough review of the details. While Jet’s claims department works hard to protect real estate marketing organizations from claims, there is only so much we can do if the REA has made a claim against the surety bond.
Should the claim be valid, Jet will make the payment not to exceed the bonding limit. The real estate marketing organization is ultimately responsible for their actions and must reimburse the surety company, in this case Jet, for paid claims. Envision the surety as providing a letter of credit that demonstrates to the REA that it’s safe to license the REMO to lawfully offer real estate marketing services.
Who Is the Required to Purchase a Real Estate Marketing Organization Bond Required?
Only real estate marketing companies will have to maintain this requirement as a condition to be licensed. Real estate agents and escrow agents are not required to purchase a $35,000 Real Estate Marketing Organization bond.
The Oregon Real Estate Agency was established to protect Oregon consumers of real estate. The REA’s purpose for requiring a bond for a real estate marketing organization license is to provide a level of protection between the public, REA, and the REMO ensuring these organizations will lawfully follow the statutes set under ORS Chapter 696.
How Does the Application Process Work With Jet?
Jet takes pride in making the application process easy to complete! Our online process may be completed within minutes and your bond will be executed instantly.
APPLY FOR REAL ESTATE MARKETER BOND
How To Renew the Real Estate Marketing Organization Bond?
Jet makes the renewal process easy! You will receive an invoice well in advance of your renewal date to submit payment. No additional paperwork will be necessary.
For those making monthly payments, there is no bond renewal. So long as payments go through the bond remains active.
