The State of Tennessee Department of Commerce & Insurance, Real Estate Appraiser Commission, is responsible for licensing, registration, 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 Tennessee Code Annotated Title 62 Chapter 39 defines real estate management company requirements. The following is needed to register:
1. Completion of the registration application and payment of the application fee.
2. Obtain a $20,000 surety bond. In lieu of a bond, provide cash or another form of security in the same amount.
3. Complete the Character Information Affidavit for the company’s controlling person and any owners with ten percent or more interest.
4. Complete the Irrevocable Uniform Consent to Service of Process.
5. Registration renews two years from the date of issuance.
The premium that you pay for a Tennessee Appraisal Management Company bond is dependent on credit.
The Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 requires all states to have Appraisal Management Company oversight and a registration process.