New Mexico Appraisal Management Company Bond
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How much does an appraisal management company bond cost in New Mexico?
An appraisal management company bond in New Mexico costs $250 for all applicants and is issued instantly. Simply click Buy Now to purchase your bond securely online in minutes.
Why do I need a New Mexico appraisal management company bond?
The New Mexico Board of Real Estate Appraisers requires AMCs working in the state to be licensed and submit a surety bond in the amount of $25,000.
New Mexico appraisal management company bonds ensure that the principal (appraisal company) will comply with the provisions and regulations stated in the New Mexico Appraisal Management Company Registration Act. Violations of this Act include, but are not limited to:
- accepting an appraisal assignment while having contingent employment
- conducting fraudulent business
- being convicted of a crime related to real estate appraisals
How long are appraisal management company bonds effective?
This bond is to remain in effect through the duration of the company’s registration. The principal’s signature on the bond form must be witnessed by a licensed notary.
If the bond is to be canceled, the surety must send a written cancellation notice to the obligee (state of New Mexico) at least 30 days in advance.
How to become an appraisal management company in New Mexico
Registering an appraisal management company in New Mexico requires, but is not limited to, the following qualifications:
- a fully completed application
- the name and contact information for the business seeking registration
- the name and contact information for controlling members
- required certifications
- a satisfactory surety bond
- any other information as requested by the board
Detailed licensing information can be found in the “Additional Resources” section on this page.
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.
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