Schools that offer real estate or real estate inspection courses or programs must be licensed with the Texas Real Estate Commission. One of the prerequisites for the license is the $20,000 Real Estate School Bond, which helps protect students from financial damage caused by schools violating their obligations.
With Jet, you’re dealing directly with the insurance company providing coverage, no middlemen slowing down the process to get and keep you bonded.
You can buy a Real Estate School Bond for as low as $24 a month or $200 a year with Jet! Actual cost is dependent on a soft credit check — don’t worry, this doesn’t impact your credit score. See the chart below for starting rates at different term lengths.
Choosing Jet for your Real Estate School Bond means that you are working directly with the insurance company that is vouching for you. No middlemen, brokers, or agents are there to slow things down or jack up your rates with fees.
Applying for a Real Estate School Bond is easy through Jet’s simple application. Each screen will prompt you to input general business information, as well as some information needed for the underwriting process. This includes your social security number which is used for the soft credit check. Once the application is complete an underwriter will review your submission and send you a link to purchase the bond. Jet will send you a digital copy of your bond and a receipt via email.
The bond will then need to be filed with the Real Estate Commission. You can leave it to Jet or choose to have it sent to you to file it yourself. The original bond (and any other items from the Qualifying Education Provider Checklist) must be mailed in to:
Texas Real Estate Commission
PO Box 12188
Austin, TX 78711-2188
The Real Estate Bond can remain on file as long as you need it; simply pay the renewal premium to avoid ending the bond. Jet will send you a renewal notice near the end of your paid term through mail and email. Once you have paid for renewal, there is no additional paperwork, you’re all set! If you are paying for the bond on a monthly basis, there is no need for renewals — as long as your payments are able to be processed, your bond will stay active.
If you need to cancel the bond, just send Jet an email to [email protected]. Our team will send notice to the Commission and the 30-day cancellation period will begin. Those who paid for the bond ahead of time in annual terms will be eligible for a refund for the time left on the bond after the cancellation has gone through. Monthly payments will continue during the cancellation period as liability does not end until the 30 days are up.
The purpose of the Real Estate School Bond is to make sure that students will not lose their tuition money from a school’s failure to operate to the standards given in Chapter 1101 of the Texas Occupations Code. The school must have an educational program that meets the minimum requirements given in chapter 1101 as well as Chapter 1102.
Real estate schools undergo reviews by the Commission according to Section 1101.305. The reviews gauge whether the educational program is performing to standard and recommendations are given if the school is underperforming. The school must apply the recommendations to get programs in compliance and prevent suspension of programs.
Failure to maintain (acceptable) educational programs or violate any other applicable part of this chapter will result in a suspension or revocation of the real estate school license. If you have your license suspended or revoked, you may need to give a refund to your students since claims on the Real Estate Bond come from financial damage sustained by a student.
If you do receive a bond claim, call Jet as soon as possible. We will defend you against false claims but those that are valid will result in a payout from the bond. The payout ensures that your actions will not burden your students, but you are not excused from your obligation — you will have to repay Jet in the amount of the claim.