How much does an appraisal management company bond cost in Alabama?
The Alabama Real Estate Appraisers Board requires appraisal management companies to post $25,000 surety bonds to legally operate within the state. The cost of an Alabama appraisal management company bond is $250 per year, and it is issued instantly when you work with SuretyBonds.com. A multi-year discount is also available.
What does an Alabama AMC bond do?
Alabama AMC bonds ensure that principals (appraisal management companies) perform all duties in full compliance with the terms of 34-27A-55 of the Code of Alabama. This bond protects harmed parties from financial loss that results from the appraisal management company’s unlawful business practices.
Appraisal management company bonds in Alabama remain in full force and effect until canceled. The surety can cancel the bond at any time by giving 60 days’ written notice to both the AMC and the Alabama Real Estate Appraisers Board in Montgomery, Alabama.
How to become an appraisal management company in Alabama
Appraisal management companies in Alabama cannot be owned (fully or partially) by any person that has had an appraisal license revoked, canceled, or denied. AMCs cannot employ any appraiser who has had a license revoked or canceled.
To become a licensed and/or certified appraiser in Alabama, applicants must:
- Meet personal, work experience, and educational requirements
- Complete the state application
- Pay the required application and license fees
- Return the completed typed application with transcripts and course evaluation forms
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.
