REAL ESTATE BROKER'S PENAL BOND
We the ________________________, of ___________________________________ _______________________________________________ (address) as principal, and ________________________________ a surety company incorporated under the laws of the State of _________________ and authorized to conduct business in the above mentioned state are indebted to the State of _____________________ in the amount of _____________ ($____), which we bind ourselves and our legal representatives.
The conditions of this obligation are as follows:
I. The principal has applied to the ___________________________ (designated state agency) of the State of ____________________ for a real estate broker license and will engage in business or employment under the following provisions _________________ ______________________________________________________ (cite statute); and
II. A bond pursuant to ________________________________ (cite statute) is required.
If principal conducts _____________ (himself or herself) and business in accordance with the laws of the State of ______________________, this obligation shall be null and void; otherwise it will remain in full force. Any person aggrieved as a result of conduct shall have, a right to bring suit against surety as well as follow through with any rights granted to them.
It is understood that this bond is valid for ________________________ from date of execution, and that surety shall notify the _____________________________ (state agency) of the expiration date.
The total liability of surety shall not exceed the sum of ___________ ($__________).
The premium for which this bond is written is _________________ ($__________).
In witness whereof, both parties to this bond have caused it to be executed at ________ ____________________________________ (location) on the date indicated below.