California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 17 - Prepaid Rental Listing Services › Section 2851 - Surety Bond Format

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A corporate survey bond provided to the Department by prepaid
				  rental listing service pursuant to Section
				  10167.7
				  of the Code shall be in substantially the following form:
PREPAID RENTAL LISTING SERVICE BOND
Bond No.____________________
Premium $____________________
Know all men by these presents:
That we, ___________________________ as
				  _________________________
PRINCIPAL and ___________________________
a corporation organized under the laws of the State of
				  ___________________________
____________________ and authorized to transact the business
				  of surety in the State of California as SURETY are held and firmly bound unto
				  the State of California (OBLIGEE) in the penal sum of ____________________
				  dollars ($____________________) for which payment, well and truly to be made,
				  we bind ourselves, our heirs, administrators, successors and assigns, jointly
				  and severally liable and liable on the obligations of the bond and the statute
				  providing for the bond.
PRINCIPAL has applied to the Department of Real Estate of the
				  State of California for a license to act as a Prepaid Rental Listing Service,
				  or for the renewal of said license and is required by Section
				  10167.7 of the Business and
				  Professions Code to have on file with the Department of Real Estate, a bond in
				  the amount of $10,000 for each licensed location. This bond is executed and
				  tendered in accordance with Section
				  10167.7.
The condition of this obligation is that if PRINCIPAL
				  satisfies any and all final judgments entered against PRINCIPAL as the result
				  of any action undertaken pursuant to subdivision (f) of Section
				  10167.10, then this obligation
				  shall be null and void. Otherwise it shall remain in full force and
				  effect.
For value received, SURETY does hereby waive any right
				  granted to SURETY by Section
				  2845 if the California Civil Code
				  to require that OBLIGEE proceed independently against PRINCIPAL to enforce this
				  obligation or that the underlying judgment creditor of PRINCIPAL pursue any
				  other remedies for the collection of said judgment.
This bond is continuous in form and shall remain in full
				  force and effect and shall run concurrently with the term of the Rental Listing
				  Service License issued to PRINCIPAL and for the term of any renewal thereof
				  unless earlier terminated or cancelled by SURETY as provided by law.
The SURETY, its successors and assigns, are jointly and
				  severally liable on the obligations of the bond, chapter 2 (commencing with
				  section 995.010), Title 14, part 2, Code
				  of Civil Procedure and Article 2.3, Chapter 3, Part 1, Division 4, Business and
				  Professions Code.
The PRINCIPAL and SURETY may be served with notices, papers
				  and other documents under chapter 2 (commencing with section
				  995.010), Title 14, part 2, Code
				  of Civil Procedure at the addresses given above.
I certify (declare) under penalty of perjury under the laws
				  of the State of California that I have executed this foregoing bond.
PRINCIPAL and SURETY have executed this agreement this
				  __________ day of ____________________, 20___.
___________________________
___________________________
(Principal)
(Surety)
Address:
Address:
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
By:___________________________
By:___________________________
(Signature)
(Signature)
1. New section
				  filed 12-3-80; effective thirtieth day thereafter (Register 80, No.
				  49).
2. Amendment filed 12-1-81; designated effective 1-1-82
				  (Register 81, No. 49).
3. Amendment filed 4-2-86; effective
				  thirtieth day thereafter (Register 86, No. 14).
4. Amendment of
				  section and NOTE filed 9-19-2002; operative 10-19-2002 (Register 2002, No.
				  38).
5. Amendment filed 3-17-2005; operative 4-16-2005 (Register
				  2005, No. 11).
Note: Authority cited: Section
					 10080,
					 Business and Professions Code; and Section
					 11110,
					 Government Code. Reference: Section
					 10167.7,
					 Business and Professions Code.