AMC bond cost
Appraisal management companies in West Virginia are required to post a $50,000 surety bond with the Real Estate Appraiser Licensing and Certificate Verification Board. The premium applicants will pay for this bond varies because it is based on the applicant’s credit score. However, an applicant with excellent credit could pay as low as $500.
Why 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.
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.
Become an appraisal management company
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
Apply for your surety bond
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