Virginia Appraisal Management Company Bond?
Learn about the importance of this surety to bond to AMCs in Virginia!
What is an Appraisal Management Company Bond?
The Real Estate Appraiser Board requires every appraisal management company in the Commonwealth of Virginia to furnish a surety bond. This is one of the major requirements for the procurement of a license.
The surety bond will serve as a guarantee to the Real Estate Appraiser Board that the appraisal management company will comply with the relevant laws of the state when conducting their business.
As part of the surety bond’s condition, any action can be taken against the bond if the bonded licensee commits a violation. This includes, but is not limited to, the following:
- Prohibiting an appraiser from disclosing the actual fees charged by an appraiser for appraisal services in the appraisal report
- Threatening to withhold the payment for an appraisal report
- Threatening to demote or terminate an appraiser
- Requiring an appraiser to collect fees from the borrower
- Changing an appraisal report without the knowledge and consent of an appraiser
What is the Appraisal Management Company Bond amount?
The bond amount is $100,000.
If you have a stellar credit score, you will be eligible for a low bond premium. Bond premium starts at $100.
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE!
How can I get an Appraisal Management Company Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the Commonwealth of Virginia
- The surety bond should be made payable to the Commonwealth of Virginia
- The licensed appraisal management company must obey the provisions of Title 54.1 of the Code of Virginia as well as the rules and regulations of the Real Estate Appraiser Board and the Department of Professional and Occupational Regulation of the State of Virginia
- If the licensee commits a violation, the aggrieved party will be eligible to file a claim against the bond