How much does a $20,000 appraisal management company surety bond cost in Arkansas?
Arkansas appraisal management company (AMC) surety bonds cost $200 and are issued instantly. Simply click Buy Now to visit our secure bond checkout to purchase your bond online today. It only takes a few minutes to get bonded as an appraisal management company in Arkansas.
|Bond Type||Bond Amount||Cost|
|$20,000 Appraisal Management Company Bond||$20,000||$200|
Why do I need this bond?
The Arkansas Appraiser Licensing and Certification Board a requires appraisal management companies to have a $20,000 surety bond prior to conducting business in the state.
Arkansas appraisal management company surety bonds ensure that the principal (appraisal management company) complies with the Uniform Standards of Professional Appraisal Practice and Code of Ethics and the Arkansas Appraiser Licensing and Certification Act (A.C.A. 17-14-401 et seq.). Specifically, Arkansas AMC surety bonds prevent an employee, director, officer or agent of an appraisal management company from improperly influencing or attempting to improperly influence the development, reporting, result or review of a real estate appraisal.
What’s the fine print?
Arkansas AMC bonds are renewed annually for the length of the license unless canceled by the surety. If the surety chooses to cancel the bond, a written notice of cancellation must be submitted to the appraisal management company and the Arkansas Appraiser Licensing and Certification Board 60 days prior to cancellation.
How to become an appraisal management company in Arkansas
In-state applicants must designate a controlling person to contract with independent appraisers and clients for appraisal services. Non-resident applicants must provide a certificate of authority.
The following documents must be included in a complete application:
- General application form AMR-1
- Agent for services of process
- Surety bond on appropriate form
- All necessary certifications
- Initial application fee or renewal of registration fee
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