Alaska Surety Bonds for Real Estate Appraisal Management Companies
Alaska's Department of Commerce, Community, and Economic Development's Board of Certified Real Estate Appraisers is responsible for registration and regulation of the state's real estate appraiser management companies.
Alaska Senate Bill 155, signed into law in 2018, creates a registration process for appraisal management companies and requires that companies obtain a surety bond of at least $50,000. A surety bond protects the state and the public by guaranteeing that appraisal management companies will comply with state and federal laws.
Surety Bond and Registration Requirements:
Real estate appraisal management companies must register with the Board. Registration is valid for two years and may be renewed with proof of compliance to the requirements. Registration requirements include:
- Designating a controlling person who is the main point of contact between the board and the company
- Real estate appraisers must comply with the Uniform Enrolled Standards of Professional Appraisal Practice when completing appraisals at the company's request
- Only work with certified appraisers
- Have a process to verify that a person who is assigned to serve on an appraiser panel of the company must be certified and maintain a certification in good standing, and is qualified to conduct federally related transactions under federal law
- Conduct appraisals independently and free from inappropriate influence and coercion
- Pay registration fees
- Obtain a surety bond of not more than $50,000
What Will This Bond Cost?
The premium you pay for an Alaska Real Estate Appraisal Management Company surety bond is dependent on your credit. Our rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
A real estate appraisal management company's Controlling Person must be actively certified in the state at all times that person is designated as the controlling person.
Related Links:
The Act related to registration and regulation of real estate management companies in Alaska.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, call us first. 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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