$20,000 Appraisal Management Company Bond
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How much does an appraisal management company bond cost in Tennessee?
A Tennessee appraisal management company bond costs $200 and is issued instantly. A 25% discount is available for subsequent years if multiple years of coverage are purchased. Simply click Buy Now to visit our secure bond checkout, where you can purchase your bond instantly. It only takes a few minutes to be on your way to being bonded as an appraisal management company in Tennessee.
Why do I need an appraisal management company bond?
The Tennessee Real Estate Appraiser Commission requires appraisal management companies working in the state to maintain a $20,000 surety bond. This type of bond requires appraisal management companies to comply with all rules and regulations as outlined in Tennessee Code Annotated 62-39-400. The following is a list of tasks frequently carried out by appraisal management companies:
- Administering appraiser panel
- Verifying licensing and certificates
- Tracking status of appraisal orders
- Negotiating fees and services with appraiser panel
- Maintaining completed appraisals prior to delivery
- Providing completed appraisals to mortgage lenders who order them
What are the details of AMC bonds?
Tennessee appraisal management company surety bonds are required by the Tennessee Real Estate Appraiser Commission. This specific bond is continuous until canceled. A written notice must be given to the Tennessee Real Estate Appraiser Commission 30 days prior to the cancellation date.
How to become an AMC in Tennessee
To become a licensed real estate appraisal management company in Tennessee you must:
- Complete a background check
- Complete the required courses depending on the level of license
- Submit an experience log
- Pass the exam administered by the Tennessee Real Estate Appraiser Commission
- Pay the $405 application fee
All companies are required to complete a consent to service of process form and designate one controlling person. The controlling person will serve as the main contact for all communication between the company and the Tennessee Real Estate Appraiser Commission.
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.
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