What is a Washington Appraisal Management Company Bond?
Know the what, how, and why of this bond!
This is a prerequisite mandated by the Washington State Department of Licensing, in accordance with Chapter 18.310.010 of the Revised Code of Washington.
A surety bond is needed in order to ensure that the Appraisal Management Company will properly fulfill its duties such as, but are not limited to, the following:
- Supervise an appraisal panel
- Receive order for appraisals from individuals or entities
- Manage appraisal orders
- Ensure that the appraisal is properly completed before it is delivered to the person that ordered the appraisal
What is the bond amount?
The bond amount should be a minimum of $100,000, made payable to the State of Washington.
Those who have excellent credit scores may be eligible for a very low bond premium or just 1% of the bond amount! Get your FREE quote here to know what yours is!
What are the bond conditions?
- The bond will be a legally-binding agreement between these three parties:
Principal – The Appraisal Management Company applying for the license
Obligee – The State of Washington
Surety – the surety bond company
- The bond should be issued by a surety bond company that is authorized to conduct such business in Washington
- The Principal should comply with all the provisions of Chapter 18.310 of the Revised Code of Washington, the rules and regulations adopted by the Director of the Department of Licensing, and all the other applicable rules that govern Appraisal Management Companies in Washington
- In case of a valid violation of the Chapter 18.310 of the Revised Code of Washington, the aggrieved party or the State of Washington may file a claim on the bond to cover the damages
- In case of cancellation, a 30-day notice is required
How can I obtain this type of bond?
Seek the assistance of a dependable surety bond company that is authorized to do business in Washington such as Surety Bond Authority. We will get you through the whole process with ease and efficiency!
We will first ask you to submit an application for an Appraisal Management Company Bond.
Once you have applied for the bond, you will be asked by one of our expert surety bond agents to gather the necessary information needed such as, but not limited to, your job performance history, financial strength, and credit score. An underwriter will evaluate all those information.
Once done, we will then execute your bond and send it to you!
Do you need further information about this bond? Call one of our expert surety bond agents today!