What is a North Carolina Appraisal Management Company Bond?
Know why this surety bond matters to your business and how to easily apply for one!
What is an Appraisal Management Company Bond?
Before any appraisal management company in the State of North Carolina can enter into any contracts with independent appraisers for the purpose of performing residential real estate appraisal services, the said appraisal management company must secure a license first.
One of the major requirements for the said license is a surety bond.
The purpose of the surety bond is to ensure the faithful compliance of the appraisal management company to the conditions stated in the surety bond which includes the provisions of the North Carolina Appraisers Act.
The Obligee – or the surety bond’s beneficiary – will have the right to take action against the surety bond if the appraisal management company breaches any of the surety bond’s conditions.
This requirement is in line with Section 93E-2-4 of the North Carolina General Statutes.
What is the Appraisal Management Company Bond amount?
The bond amount is $25,000.
If you have a stellar credit score, you will be eligible to pay for a low bond premium, or just 1% of the bond amount!
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?
In order to secure this type of bond, the license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The Surety who will issue the bond should be authorized to conduct business in the State of North Carolina
- The surety bond should be made payable to the North Carolina Appraisal Board
- The State of North Carolina should be named as the Obligee of the surety bond
- The licensed appraisal management company must obey the provisions of the North Carolina Appraisers Actas well as the rules and regulations of the North Carolina Appraisal Board
- If the licensed appraisal management company commits a violation, the aggrieved party will be eligible to file a claim against the surety bond
- The surety bond should remain valid two years after the appraisal management company has ceased its operations