What is a Wyoming Appraisal Management Company Bond?
A surety bond is required by the Wyoming Real Estate Commission for Appraisal Management Companies that are seeking to become registered in the State of Wyoming.
The prerequisite is stated in § 33-39-203 of the Wyoming Statutes Annotated or the Wyoming Appraisal Management Company Registration and Regulation Act.
The surety bond will serve as a guarantee that the Appraisal Management Company will indemnify any person who has suffered damages caused by the said company’s improper completion of duty.
What is the bond amount?
The bond amount is $25,000.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Appraisal Management Company bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Wyoming such as Surety Bond Authority
- The surety bond will be made payable to the State of Wyoming
- The Appraisal Management Company is obligated to comply with the provisions of Title 33 Chapter 39 of the Wyoming Statutes Annotated or the Wyoming Appraisal Management Company Registration and Regulation Act, as well as the rules and regulations of the Wyoming Real Estate Commission
- The Appraisal Management Company will pay any person who performed real estate appraisal services for them
- In case the Appraisal Management Company commits a valid violation, the aggrieved party will be able to file a claim on the bond
- If the bond amount is reduced, the surety bond should be replaced within the time period established by the board
- In case of cancellation, a 30-day notice is required
How can I obtain an Appraisal Management Company Bond?
To secure this type of bond, the Appraisal Management Company Registration 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!
If you need further information about this bond, do call one of our surety bond experts today at 800-333-7800! We’ll be happy to assist you!