How much does an appraisal management company bond cost in Nebraska?
The Nebraska Real Property Appraiser Board requires appraisal management companies to post a $25,000 surety bond. Appraisal management company bonds are typically issued instantly for just $250.
|Bond Type||Bond Amount||Cost*|
|$25,000 Appraisal Management Company Bond||$25,000||Starts at $250||Apply Now|
Why do I need this bond?
Appraisal management company bonds in Nebraska 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 their 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 5 years
If any of these prohibited acts occur, a claim could be made against the bond by harmed parties.
What’s the fine print?
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 of written notice.
The form indicates that the original signed and sealed bond must be mailed in 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. The registration requirements include, but are not limited to:
- $25,000 surety bond
- $350 application fee
- 2 fingerprint submissions per individual
- any other necessary forms as stated in the application (can vary depending on individual)
Once approved, a $2,000 registration fee must be paid.
Detailed licensing instructions can be found in the “Additional Resources” section below.
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