Appraisal management company bond cost
The New Mexico Board of Real Estate Appraisers requires the state’s appraisal management companies to post a $25,000 surety bond. Surety Bonds can instantly issue New Mexico AMC bonds for as low as $250. Credit checks are not required, so everyone qualifies for the same low rate.
Why this bond
New Mexico appraisal management company bonds ensure that the principal (appraisal company) will comply with the provisions and regulations stated in the New Mexico Appraisal Management Company Registration Act. Violations of this Act include, but are not limited to:
- Accepting an appraisal assignment while having contingent employment
- Conducting fraudulent business
- Being convicted of a crime related to real estate appraisals
Appraisal management company bond details
This bond is to remain in effect through the duration of the company’s registration. The principal’s signature on the bond form must be witnessed by a licensed notary.
If the bond is to be canceled, the surety must send a written cancellation notice to the obligee (state of New Mexico) at least 30 days in advance.
Become an appraisal management company
Registering an appraisal management company in New Mexico requires, but is not limited to, the following qualifications:
- A fully completed application
- The name and contact information for the business seeking registration
- The name and contact information for controlling members
- Required certifications
- A satisfactory surety bond
- Any other information as requested by the board
Detailed licensing information can be found in the “Additional information” section on this page.
Apply for your surety bond
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