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How much does a real estate appraisal management bond cost in Illinois?
An Illinois appraisal management company bond costs $250 for a 1-year term and is issued instantly. Because these bonds have to expire on December 31 of even years, the cost of your initial bond may vary based on the term length. Click Buy Now to purchase your AMC surety bond securely online in just a few minutes.
Why do I need an Illinois appraisal management bond?
The Illinois Appraisal Management Company Registration Act requires real estate appraisers to purchase a $25,000 surety bond. This bond ensures that the principal (appraisal management company) abides by all the rules and regulations in the aforementioned act. Illinois appraisal management company bonds also hold the principal responsible for paying all taxes and applicable fees to the Illinois Department of Financial and Professional Regulation. If the principal fails to make the proper payments to the state within 60 days of the due date, a claim can be made against the bond. The surety will initially pay for any damages, but the principal is ultimately required to reimburse the surety.
How long is my real estate appraisal bond valid in Illinois?
Appraisal management company bonds in Illinois must be renewed every two years, as they expire on December 31 of even years. The surety company must provide written notice of the bond’s cancellation to the Commission at least 10 days prior to cancellation. Your bond price may be prorated for the first term, depending when your bond is purchased. This means the premium is directly related to the length of the bond term.
How to become a real estate appraiser in Illinois
To obtain or maintain a license, all real estate appraisers in Illinois must meet the following criteria and submit an application to the Illinois Department of Financial and Professional Regulation:
- Be a minimum 18 years of age
- High school diploma or GED
- Find a mentor who will co-sign all of your appraisal work
- Complete 75 hours of qualifying education from an approved Illinois course vendor (Basic Appraisal Principles - 30 Hours, Basic Appraisal Procedures - 30 Hours, The 15-Hour National USPAP Course - 15 Hours)
- Complete supervisor trainee course from an approved Illinois course vendor (6-hr Illinois Supervisor-Trainee Course, or 3-hr AQB Only Supervisor-Trainee Course and 3-hr Illinois-Specific Supervisor-Trainee Course)
- Submit the application and attach a check or money order to the application, payable to the Illinois Department of Financial and Professional Regulation for $225.00; payment may also be submitted online
- Be fingerprinted by an approved vendor
- Trainees and supervisors must both submit SUP-2015 forms
Once an application is approved, an appraisal management company license will be emailed to the licensee. The license may also be accessed online.
Appraisal Management Company Bonds Nationwide
Many appraisal management companies are licensed to work in multiple states, meaning they are must adhere to different license and bonding requirements. For more information about appraisal management company bonds in other states, visit the SuretyBonds.com Guide to Appraisal Management Company Bonding or select a state from the list below to view each state’s AMC bond requirements.
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