Utah Appraisal Management Company Bond Overview
- Purpose: To ensure AMCs uphold their legal and financial obligations
- Who Needs It: Any company overseeing an appraiser panel in Utah
- Regulating Body: The Utah Division of Real Estate
- Bond Amount: $25,000
- Premium Price: $250 for a 1-year term
What Is a Utah Appraisal Management Company Bond?
A Utah appraisal management company (AMC) bond is a form of financial security required for real estate AMC registration.
Under the Appraisal Management Company Registration and Regulation Act, all Utah real estate appraisers need $25,000 bond coverage. This protects the state, appraisers, mortgage lenders and the public from financial harm.
How Much Do Appraisal Management Company Bonds Cost in Utah?
The $25,000 Utah AMC bond costs $250 for a 1-year term. These bonds are issued instantly without a credit check, meaning all applicants are approved at the same rate. You can also save 25% by selecting a 3-term for $625.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Utah AMC Bond Work?
An appraisal management company bond creates a financial contract between the bond principal, obligee and the surety provider.
| Bond Party | Description |
|---|---|
| 1) Principal | The AMC owner filing the bond |
| 2) Obligee | The Utah Division of Real Estate |
| 3) Surety | The issuing surety provider |
This contract holds you financially responsible if you fail to uphold the Real Estate Appraiser Licensing and Certification Act or other state and federal laws.
The surety will repay valid claims made on the bond. However, you will then need to repay the surety.
How Do I Get an AMC Bond in Utah?
You can get your appraisal management company bond online in minutes. Just enter your information and checkout using the secure form on this page.
We’ll create your bond in minutes and send it to your email. Be sure to file the bond with the Division of Real Estate.
How Do I File My Bond?
You’ll need to include the bond form with your AMC license application. Submit it to the Utah Division of Real Estate via physical mail.
How Do I Renew My Bond?
Your surety bond must be valid for your entire two-year AMC registration period. When you bond and license terms are coming up, you’ll need to renew your surety bond.
We’ll provide email and text reminders with your renewal invoice. Simply provide any information needed and pay your renewal premium to extend your bond for another two years.
How to Get an AMC License in Utah
You’ll need to apply with the Department of Commerce, Division of Real Estate to open an appraisal management company in Utah.
Complete the notarized application form with all the required attachments:
- Certificate of Existence
- Signed Letter of Explanation Forms
- Individuals Selecting Appraiser or Reviewing Appraisal Reports Form and all required attachments
- Preliminary National Registry Qualification Form
- $25,000 Surety Bond with coverage for the full registration period
- $350 Appraisal Management Company Application Fee
Each control person will also need to submit an application, Letter of Waiver and two fingerprint cards.
