Been wondering what surety bonds are?
October 20, 2009
Being a twenty-something woman in today’s society one would assume that I would know the answer. However like many people I am actually quite in the dark when it comes to this topic. So, what are surety bonds? After a bit of research I compiled the following information. A surety bond is used in several different ways, but there is a basic formula for any situation. It is comprised of three parts; the principle, obligee, and surety. The first party, the principle, is a person or organization being secured against default. The second party, the obligee, is a person or organization who is owed either money or labor. This is where the third party, the surety, comes into play. The surety is a person or organization who promises to pay a certain amount if the “principle” defaults. For example, if after hiring a contractor he does not complete the job, providing he is bonded, one could get a portion of the moneys paid reimbursed. In this situation the contractor would be the principle, the person who hired the contractor would be the obligee, and the company bonding the contractor would be the surety. To answer the question “What are surety bonds?”, surety bonds are a guarantee that works in favor of the customer to ensure that an agreed upon service will be performed or product will be received.
How To Qualify For A Higher Surety Bond
October 13, 2009
If you are thinking about advertising for jobs that are for more money than you have been paid to perform, you will first need to get higher surety bonds than you currently have. You may already have a surety bond. But if your bond is only good to cover projects that have a contract value of less than 50,000 dollars, you will need to ask your insurance broker for a higher bond. The higher the bond, the more assets you will have to show. A good way to increase your business bond able value is to build cash in your company’s account or to list real estate that is bought as company assets. The more you and your company have as assets whether in cash or in real estate or both, the higher up you will be able to go in getting jobs that go for bigger contracts than you have been used to getting.
Getting a State Approved Real Estate License In Texas
October 9, 2009
A Texas real estate license opens many doors and can be easy to obtain. An interested party needs to fulfill the educational requirements, be a resident of the state of Texas and a citizen of the United States, as well as be at least eighteen years of age. The education process normally involves one-hundred-sixty hours of study which must be completed successfully prior to applying for the real estate license. Many options from many schools are available to complete the classes, either online or in the classroom. Evidence of the successful completion of the courses must be supplied, normally through a transcript; a fee of thirty dollars is required for the verification of education completion. If the requirements are confirmed as fulfilled, the fee is good for one year to give the applicant time to apply for the real estate license. The Texas Real Estate Commission will verify the prior requirements are met by the applicant prior to the rest of the application process. The fee for applying for the license is ninety-seven, which must be paid when the application is submitted and is nonrefundable. Applying for the license can be done through mail, in person or online; please note if applying online the process is sped up. If the application is submitted via mail or in person and is incomplete, the Commission will not return the application but will send a letter asking for the additional information needed. The next step in the application process is the license examination. The applicant will receive a Candidate Information Brochure which acts as the registration for the exam. After the application is received by the Texas Real Estate Commission the examination must be passed within six months. The application authorizes the Commission to investigate the applicant and may be conducted at any time after the application is received. As of 2008, all new and renewing applicants are required to give fingerprints. Scholarships are available to the applicant through real estate brokers. The Scholarship form should be filled out and submitted with the application but is not necessary at the time of application. All real estate salespersons need to have a sponsoring Texas real estate broker with an active license to practice real estate. Applicants should note that practicing real estate without a license is not permitted until an active license is obtained.
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