Delaware AMC Bond Overview
- Purpose: To ensure that real estate appraisers act responsibly and legally
- Who Needs It: Registered appraisal management companies in Delaware
- Regulating Body: The Delaware Division of Professional Regulation — Council on Real Estate Appraisers
- Bond Amount: $20,000
- Premium Price: $200 for a 1-year term
What Is a Delaware AMC Bond?
The Delaware Division of Professional Regulation Council on Real Estate Appraisers requires registered appraisal management companies (AMC) to have a $20,000 surety bond. This bond holds AMCs financially liable for following Delaware Code.
How Much Do AMC Bonds Cost in Delaware?
You can get your $20,000 Delaware AMC bond today for just $200. This bond is available at a flat rate with no credit check. Or, you can save up to 25% by selecting a multi-year rate.
Click Buy Now below to get your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Delaware AMC Bond Work?
When you purchase an AMC bond, you enter into a three-party agreement between the principal, obligee and surety.
| Bond Party | Description |
|---|---|
| 1. Principal | The licensed appraisal management company |
| 2. Obligee | The Delaware Division of Professional Regulation |
| 3. Surety | The issuing surety provider |
If the appraisal management company acts negligently or fails to follow Delaware Code, harmed parties can file a claim on the bond. The surety will investigate and pay for valid claims. Then, the AMC has to repay the surety.
How Do I Get an AMC Bond in Delaware?
Complete the following quick steps to get your Delaware real estate appraisal management bond:
- Pay for your bond
- Get your bond within minute via email
- File your bond with the obligee
How Fast Can I Get My Bond?
You can get your Delaware AMC bond instantly online today! After purchasing your bond, you’ll receive an email with your bond form in minutes.
How Do I File My Bond?
You must file your bond with the Division of Professional Regulation Council on Real Estate Appraisers. You will submit your bond with the AMC registration application.
How Do I Renew My AMC Bond?
Delaware appraisal management company bonds expire annually, unless you select a multi-year term. You’ll receive renewal reminders via text and email beginning 90 days from the expiration date.
Just follow the instructions and pay the renewal invoice to extend your bond for another term!
How Do I Update My Bond Information?
If you need to update simple information on your bond form, we can often issue a bond rider for you. A bond rider is the only legal way to change basic information without needing to issue a brand new bond.
Email the information that needs to be updated to [email protected] or call 1(800)-308-4358.
How to Become a Registered AMC in Delaware
To start a registered real estate appraisal management company in Delaware, you must first designate one person as a “Controlling Person.” This individual is the contact for all communications between the Council and the AMC. The controlling person must complete the following:
- Meet Delaware Code requirements
- Arrange for the Council office to receive State of Delaware and FBI criminal history records
- Certify to the Council that the AMC has never had a financial, real estate or mortgage lending industry license or certificate from any state be denied, canceled, revoked or surrendered
If the controlling person or owner does not have a social security number, they must complete an Application for Exemption from the requirements of the Licensed Lenders Act.
To get your AMC registration, complete the following steps:
- Sign in or create an account in DELPROS
- Purchase a $20,000 surety bond
- Complete and attach the Certificate of Individual form
- Get a Delaware and FBI criminal background check
- Get fingerprinted via IdentoGo*
- Pay the $1,190 application fee to the “State of Delaware”
- Submit your notarized registration application
If you have multiple office locations, you only need one registration.
*Note: You will need a Service Code to complete fingerprinting. The current Delaware Real Estate Appraisers service code is 27S336. Double check this service code is up-to-date with the DPR.
More Resources
- Appraisal Management Company Bonds - All States
- Application For Appraisal Management Company Registration Instruction Sheet
- Delaware DPR Fees
- Delaware DPR License Requirements Home Page
- Delaware DPR Council on Real Estate Appraisers: Appraisal Management Company
- Delaware DPR Criminal Background Check Process
