A certificate under which a person,
company, or government agrees to pay a
specified amount at a pre-determined point.
In insurance, a bond is a surety agreement
that a specified amount of money will be
paid in relation to the terms and conditions
set out in that agreement.
Real estate
brokers handle trust funds that are received
from the public, usually in the form of
deposits with offers to purchase, or as
rental receipts in the case of real estate
brokers acting as property managers.
Provincial real estate acts/regulations set
out requirements concerning surety bonding
for brokers, salespeople, and/or brokerages
to provide a level of protection for
consumers whose money is received and
deposited in trust. The amount of bond
required will vary across Canada, as will
the range of consumer protection mandated by
the applicable regulatory authority.
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