TREC Form TSR5-1 Escrow Surety Bond - Texas

What Is TREC Form TSR5-1?

This is a legal form that was released by the Texas Real Estate Commission - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a TREC Form TSR5-1 Escrow Surety Bond?A: It is a type of bond required by the Texas Real Estate Commission (TREC) for real estate escrow accounts.

Q: Who requires the TREC Form TSR5-1 Escrow Surety Bond?A: The Texas Real Estate Commission (TREC) requires this bond.

Q: What is the purpose of the TREC Form TSR5-1 Escrow Surety Bond?A: The bond provides financial protection in case of fraud or misappropriation of funds by a real estate broker.

Q: Who needs to obtain a TREC Form TSR5-1 Escrow Surety Bond?A: Real estate brokers in Texas who handle escrow funds are required to obtain this bond.

Q: How much does the TREC Form TSR5-1 Escrow Surety Bond cost?A: The cost of the bond varies depending on the broker's financial standing and the amount of the bond required.

Q: How long is the TREC Form TSR5-1 Escrow Surety Bond valid?A: The bond is typically valid for one year and needs to be renewed annually.

Q: What happens if a claim is filed against the TREC Form TSR5-1 Escrow Surety Bond?A: If a valid claim is filed, the surety bond company will compensate the claimant up to the bond's coverage amount.

Q: Can I cancel the TREC Form TSR5-1 Escrow Surety Bond?A: The bond can be canceled by the surety bond company or the broker, but proper notice needs to be given to TREC.

Q: What are the consequences of not having a TREC Form TSR5-1 Escrow Surety Bond?A: Failure to have this bond in place can result in disciplinary action by TREC, including license suspension or revocation.