Who Needs a Florida Real Estate License?
Florida�s Department of Business and Professional Regulation issues licenses to real estate professionals who want to operate within the state. There are two different licenses: Real Estate Sales Associate and Real Estate Broker.
In many cases, a Florida-licensed real estate sales associate will gain some work experience and then upgrade to a real estate broker license.
What Does the Licensing Process Involve?
To apply for either of these licenses, you must complete certain pre-licensing courses (63 classroom hours for associates and 72 for brokers). Both licenses also require a post-licensing course (45 classroom hours for associates and a total of 60 hours for brokers).
There are multiple variations on the licensing process, depending on the specific type of license and your own background�previous real estate licenses held, real estate experience in Florida or other states, military service, and so on. The best way to find out what the registration process would include for you specifically is to visit the relevant pages on the department�s website.
Although Florida does not require real estate professionals to purchase a license bond or any other surety bond, doing so voluntarily is highly recommended.
Why is a Surety Bond Recommended?
One type of surety bond that is particularly appropriate for real estate agents and brokers is a fidelity bond. This is a popular type of bond for businesses that handle funds and financial documents.
A fidelity bond provides protection for you and your business if a client suffers a loss due to a criminal committed by your employee. You can also purchase coverage that will make you whole in the event that an employee steals, embezzles, or misappropriates funds from you.
Buying a fidelity bond is a smart move because general liability insurance doesn�t normally cover losses resulting from employee theft, forgery, embezzlement, or other criminal acts.
Obtaining a fidelity bond is also smart from a marketing standpoint. Advertising that your business is bonded shows potential clients that you are serious about protecting their interests.
How Does It Work?
A fidelity bond is actually a form of insurance that provides financial protection for you as well as your broker�s clients. You can purchase one that covers dishonest or unethical acts committed by only certain employees or by any employee.
Depending on the terms of the fidelity bond you purchase, you may have to wait until criminal charges have been filed or an employee has been convicted to file a claim against the bond.
Understanding How Surety Bonds Work for Real Estate Professionals
The annual premium for a fidelity bond is based primarily on the amount of coverage you choose and the number of employees covered by the bond.
Get Bonded Today
If you�re interested in voluntarily purchasing a fidelity bond for your Florida real estate business, call today or request a quote online.