West Virginia AMC Bond Overview
- Purpose: To protect real estate appraisal clients and the state from financial harm
- Who Needs It: All real estate AMCs in West Virginia
- Regulating Body: The West Virginia Real Estate Appraiser Licensing and Certification Board
- Bond Amount: $50,000
- Minimum Price: $500, credit-based
What Is a West Virginia Appraisal Management Company Bond?
A West Virginia appraisal management company (AMC) bond is a type of surety bond required for residential real estate AMCs to operate legally.
Under the Appraisal Management Company Registration Act, all West Virginia real estate appraisal company owners need $50,000 bond coverage. This protects the state, mortgage lenders and the public from financial harm.
How Much Do AMC Bonds Cost in West Virginia?
The $50,000 AMC bond costs $500 for a one-year term for highly-qualified applicants. Exact rates vary between 1–10% based on personal credit score.
This Real Estate Appraiser Licensing and Certification Board requires these bonds to expire on June 30 each year. Your exact premium will be prorated based on your bond term length. Apply to get your free quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a West Virginia AMC Bond Work?
An appraisal management company bond creates a financial guarantee that you will perform honest and legal appraisals. As the bond principal, you enter a three-party contract with the obligee and the surety.
- Principal: The appraisal management company owner filing the bond
- Obligee: The West Virginia Real Estate Appraiser Licensing and Certification Board
- Surety: The issuing surety provider
By signing the bond form, you promise to:
- Follow state laws
- Pay applicable fees
- Protect clients from financial harm
If you break these regulations, the state or harmed consumers can file claims for reimbursement. The surety pays valid claims then collects repayment from you, the principal.
How Do I Get a West Virginia AMC Bond?
Submit a quick online application form. We’ll provide your personalized quote invoice within one business day or less.
When you checkout, you can select from 1–3 business day shipping options. You’ll receive the original bond form which you must then file with the Real Estate Appraisal Licensing and Certification Board.
Can I Get Bonded With Bad Credit?
You may still be able to get your West Virginia AMC bond with a low credit score. We work with a variety of surety markets to offer bad credit bonding options for all applicants.
How Do I Renew My Bond?
West Virginia AMC bonds expire on June 30 each year. We’ll provide renewal reminders before your bond expires.
Pay your renewal invoice and file the continuation certificate from the surety with the Board as proof of continued coverage.
How to Register an Appraisal Management Company in West Virginia
All new AMC owners must register with the West Virginia Real Estate Appraiser Licensing and Certification Board. Follow these steps to get your registration:
- Download the application packet
- Designate a controlling person/compliance manager
- Buy a $50,000 surety bond
- Submit the registration form and surety bond to the Board
- Complete background checks for all 11% or greater owners
You’ll also need a system to ensure all appraisers on your panel are properly licensed and certified to work in West Virginia.
