How much does a $25,000 South Carolina appraisal management company bond cost?
The South Carolina Real Estate Appraisers Board at the South Carolina Department of Labor requires that appraisal management companies working in the state post a $25,000 surety bond as part of the licensing requirements. With SuretyBonds.com, South Carolina Appraisers can purchase their appraisal management company bond online for just $250!
Why are appraisal management companies in South Carolina bonded?
By posting a South Carolina appraisal management company surety bond, appraisal management companies agree to protect their customers from fraud and misrepresentation by acting ethically and lawfully while on the job. These bonds guarantee that the state and its residents will be compensated if they suffer any damages or losses due to an appraisal management company’s faulty business practices.
This bond states that appraisal management companies will not give faulty evaluations of properties for any reason. By posting an appraisal management company surety bond, principals (appraisal management companies) also ensure that all appraisers contracted by their companies are licensed and certified and that all other laws and regulations stated in the South Carolina Revised Section 40-60-330(B)(11) Code are followed.
How long is an AMC bond good for?
South Carolina appraisal management company bonds are continuous until canceled and are required by the South Carolina Real Estate Appraisers Board. If the surety decides to cancel this bond for any reason, 30 days' notice must be given to the Board. When filling out the surety bond form, applicants should be sure to indicate whether they’re applying for a new bond or renewing an existing bond.
How to start an appraisal management company in South Carolina
To become a licensed AMC in South Carolina, companies must register with the Real Estate Appraisers Board and complete the following requirements:
- Pay the required $1,000 registration fee
- If the business is incorporated, include a corporate resolution giving Controlling Person Authority
- Provide a copy of Controlling Person’s valid driver’s license, state-issued ID, or passport
- Verification of Lawful Presence filled out by Controlling Person
- Provide current financial condition of the Appraisal Management Company on a form approved by the Real Estate Appraisers Board
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.
