Alabama Appraisal Management Company Surety Bond
Alabama appraisers are required to post a security in the amount of $25,000. An Alabama Appraisal Management Company Surety Bond fulfills that requirement. The State of Alabama Real Estate Appraisers Board is responsible for licensing, certification and regulation of appraisers. This includes protecting the public by insuring that real estate appraisers and appraisal management companies are fully qualified and meet state and federal laws. The Alabama Title 34-27A-50 thru 63 of the Code of Alabama defines real estate management company requirements.
Surety Bond and Registration Requirements:
- Complete the application and pay the application fee
- Obtain a $25,000 surety bond or instead of a bond, provide cash or another form of security in the same amount
- Attach a copy of the business procedures to add additional appraisers to the company
- Attach a copy of the procedures used to insure geographic competency for appraiser assignments
- Provide the procedures to insure that independent appraiser work is periodically reviewed and the work is being done in accordance with the Uniform Standards of Professional Appraisal Practice
- Include the procedures for dispute resolution
- Include an original written irrevocable consent to service of process for companies domiciled outside of Alabama
- Provide ownership information for each owner with 10% or more ownership (Attachment A) and submit criminal background checks for each listed
- Provide contact information for each officer and director of the company (Attachment B and Continuation Sheet if needed)
- Attach a copy of the partnership agreement or organizational documents, if any
- LLC companies must attach a Certificate of Existence from the Alabama Secretary of State
How Much Does an Alabama Appraisal Management Company Bond Cost?
The premium you pay for an Alabama Appraisal Management Company Surety Bond is dependent on the credit of the owner(s).
Did You Know?
According to the state of Alabama, a "foreign corporation" is a corporation that has been formed outside of Alabama.
Related Links: Alabama Real Estate Appraisers Board Alabama Real Estate Appraisers and Appraisal Management Company Registration and Regulation Act
More Surety Bond Questions?
Check out our FAQ page Or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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