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You do not lose any rights. All it means is that you give up your right to formal notice of the application of the person seeking to be appointed administrator (which you know now anyway) and that you have no objection to that application. If you don't want that person to be appointed, don't sign the consent and make an application to the court for the appointment of another person and/or present evidence that the first applicant should NOT be appointed....ie..untrustworthy with money or property...biased in favor or against one or more beneficiaries, etc.
The court will normally require a bond in an administration proceeding unless all parties agree not to require one.