The California Prepaid Rental Listing Service Surety Bond is required by the California Bureau of Real Estate.
What are the requirements to be a Prepaid Rental Listing Service in California?
The California Department of Real Estate defines a Prepaid Rental Listing Service (PRLS) as a “business that supplies prospective tenants with listings of residential real property for tenancy while collecting a fee at the same time or in advance of when the listings are supplied. Negotiation of the rental of property is not a part of this activity.” In order to operate as such, a PRLS license is required.
To obtain this license, the following must be submitted to the California Department of Real Estate:
What is the purpose of a California Prepaid Rental Listing Service Surety Bond?
This bond exists to help satisfy any and all final judgments entered against the Prepaid Rental Listing Services as the result of fraud, deceit, misrepresentation, or unlawful omissions or acts.
It ensures that the public and the obligee (the person or entity that required the bond) is protected from fraud, deceit and unlawful omissions on behalf of the bond principal (the person or entity that bought the bond).
This bond is the result of a large influx of unlicensed prepaid rental listing services (PRLS) that were taking advantage of customers in California in 2013. The California Prepaid Rental Service Surety Bond, accompanied with higher barriers to entry for licensees, is meant to combat fraudulent practices and the financial losses of customers.
Where can I get a California Prepaid Rental Listing Service Surety Bond?
Surety1 can help you get bonded quickly and reliably! All you need to do is submit our free online application! One of our licensed agents will contact you within one business day with a firm, no-obligation quote for the premium. If you choose to move forward after hearing the quote, we will have you sign any necessary paperwork and remit the premium payment. Once the payment is processed we will ship your California Prepaid Rental Listing Service Surety Bond to you via USPS Priority Mail, with overnight shipping options also available!
The surety bonding experts at Surety1 work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau!