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How much does an appraisal management company bond cost in West Virginia?
West Virginia Code 30-38-6 requires that an appraisal management company (AMC) register with the West Virginia Real Estate Appraiser Licensing & Certification Board prior to conducting business in West Virginia.
Appraisal management companies in West Virginia are required to post a $50,000 surety bond with the Real Estate Appraiser Licensing & Certificate Verification Board. The premium applicants payment for this bond varies because it is based on the applicant’s credit score. Therefore, applicants' premiums are credit-based and subject to underwriting.
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Why do I need this bond?
West Virginia appraisal management companies need a surety bond because it protects consumers in the event that all rules and regulations aren’t followed. It is mandatory to take the proper courses and education to become a licensed appraisal management company. Specifically, these bonds are put in place for any person who suffers damage or loss as a result of the AMC’s breach of contract or violation of the law.
For a complete list of rules and regulations, visit the ”Legislative Rules” link in the Additional Resources section at the bottom of this page.
If you’re ready to get the surety bond you need, submit a bond request or give us a call at 1 (800) 308-4358. Our team of experts can typically provide applicants with free surety bond quotes within 1 business day of submitting an application.
What’s the fine print?
West Virginia AMC bonds remain in effect for one–year and must be renewed annually until cancelled or claimed against. The surety can cancel the bond by giving written notice of cancellation to the Real Estate Appraiser Licensing and Certificate Verification Board at least 30 days prior to the effective cancellation date.
How to become an appraisal management company in West Virginia
Along with posting a $50,000 surety bond, an applicant who wishes to become a licensed appraisal management company must submit the following:
- A completed application
- $150 application fee
- a background check
There are two separate applications for residents and non–residents. Both applications are provided below in the Additional Resources section.
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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.