Nebraska Appraisal Management Company Bond
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How much does a Nebraska appraisal management company bond cost?
An appraisal management company bond in Nebraska costs $250 per year and is available to purchase instantly online. You can also save time and money on your renewal when you opt for an extended term on your bond. To get started, click Buy Now to purchase your bond securely online in minutes.
Why do Nebraska appraisal management companies need a surety bond?
Appraisal management companies need a $25,000 surety bond as required by the Real Property Appraiser Board to protect customers from fraudulent work that could occur at the hand of appraisers and their companies. By posting this bond, AMCs agree to abide by applicable rules, laws, and regulations stated in the Nebraska Revised Statutes. Prohibited acts include, but are not limited to:
- knowingly employing any person who has had a license revoked, suspended, or denied in Nebraska
- paying off an appraiser to report a certain fee
- changing any report after it has been submitted without an appraiser’s permission
- failing to keep detailed records for five years
If any of these prohibited acts occur, a claim could be made against the bond by harmed parties.
Considerations for Nebraska appraisal management company bonds
Nebraska appraisal management company bonds are continuous until canceled. If the bond is to be canceled, the surety must provide the Nebraska Real Property Appraiser Board with at least 30 days' written notice.
The form indicates that the original signed and sealed bond must be mailed to the Board upon completion.
How to become an appraisal management company in Nebraska
You must be registered with the state to legally own and operate an appraisal management company.
- Complete the Application for Nebraska Appraisal Management Company Registration and submit it, along with the $350 application fee.
Applications can be submitted to Nebraska Real Property Appraiser Board, 301 Centennial Mall South, First Floor, P.O. Box 94963, Lincoln, NE 68509-4963.
Ownership files will need to be submitted for owners who possess more than 10% of the company.
The Affidavit of Applicant portion of the application must be notarized.
Submit two copies of legible, ink-rolled fingerprint cards for each owner or entity possessing more than 10% of the AMC.
- Obtain a $25,000 appraisal management company surety bond naming the applicant as the principal and the Nebraska Real Property Appraiser Board as the obligee.
- Once approved, a $2,000 registration fee must be paid by the licensee.
Appraisal Management Company Bonds Nationwide
Many appraisal management companies are licensed to work in multiple states, meaning they 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.