How much does an appraisal management company bond cost in Tennessee?
The Tennessee Real Estate Appraiser Commission requires appraisal management companies working in the state to maintain a $20,000 surety bond.
SuretyBonds.com issues these two-year bonds for just $350 with no underwriting required. Simply click Buy Now to visit our secure payment portal 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.
|Bond Type||Bond Amount||Cost|
|$20,000 Appraisal Management Company Bond||$20,000||$350 for 2 years|
Why do I need this 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’s the fine print?
Tennessee appraisal management company surety bonds are required by the Tennessee Real Estate Appraiser Commission. This specific bond is continuous until canceled and must be renewed every two years. 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
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.
At the time of application, the company’s owners and the designated controlling person must complete a background check.
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Other Appraisal Management Company Bonds
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