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. Qualified applicants are typically quoted at 1-3% of the total bond amount, meaning an applicant would pay just $250-$750 for their surety bond.
|Bond Type||Bond Amount||Cost*|
|$25,000 Appraisal Management Company Bond||$25,000||Starts at $250||Apply Now|
If you’re ready to get bonded instantly, give us a call at 1 (800) 308-4358, or submit a bond request now!
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.
Work one-on-one with an AMC bond expert, and get bonded for as little as $250.
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 if 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
Other Appraisal Management Company Surety Bonds
If you’re interested in expanding your AMC business to other states, SuretyBonds.com can help! Our surety experts can provide fast, easy, and accurate bonding services in other states as well. For more information about appraisal management surety bonds, click here.