What is Utah Appraisal Management Company Bond?
Know the how-to of this bond today!
As part of the Appraisal Management Company licensure or registration prerequisite, the Division of Real Estate of the Department of Commerce of the State of Utah requires license applicants or those who are renewing their license to post a surety bond.
The surety bond requirement is in pursuance of Title 61 Chapter 2e of the Utah Administrative Code or the Appraisal Management Company Registration and Regulation Act.
An Appraisal Management Company is a business entity that provides appraisal management services such as real estate appraisal or acts as a third party agent between appraiser and client.
What is the bond amount?
The bond amount is $25,000.
If you have an excellent credit score, you may be eligible to pay a very low bond premium or just 1% of the total bond amount!
Find out you need to pay for this bond today! Get your FREE quote here!
What are the bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business within the state and is licensed by the Utah Department of Insurance
- The Appraisal Management Company license applicant should comply with the provisions of Title 61 Chapter 2e of the Utah Administrative Code or the Appraisal Management Company Registration and Regulation Act, the rules and regulations of the Division of Real Estate of the Department of Commerce of the State of Utah, and all the other applicable rules
- If the Appraisal Management Company commits a valid violation, the Division of Real Estate of the Department of Commerce of the State of Utah will be eligible to file a claim on the surety bond
- The surety bond will remain valid throughout the period of the Appraisal Management Company’s registration
- If the Appraisal Management Company fails to post a new surety bond within 30 days after the previous one lapses or has been canceled, the Appraisal Management Company’s registration will automatically be suspended
How can I obtain an Appraisal Management Company bond?
To secure this type of bond, the Appraisal Management Company license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
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!
Ready to get started on this bond? Contact us today!