Appraisal Management Company Bond – Arizona
AmeriPro Surety Bonds | 844-589-9732
Appraisal Management Companies in Arizona
Appraisal management companies in Arizona can be an individual (sole proprietor) or business entity, whether a corporation, partnership, or an LLC.
They are defined as a licensed entity which, for a fee, enters into an agreement to determine the value of real property in the state of Arizona. They may also be act as a third party between clients and appraisers.
Arizona appraisal management companies come under the jurisdiction of the:
100 N. 15th Avenue, Ste. 261
Phoenix, Az 85007
Becoming an Arizona Appraisal Management Company
Included in the prerequisites to become an appraisal management company in Arizona are all of the following (of note, we are not here explaining what it takes to become a licensed Arizona appraiser, which is found here
- An application with an initial application fee of $2,500 (the fee cannot be paid using a personal or business check. The fee must be made using a cashier check, or money order). The fee is non-refundable;
- A full list of all Arizona locations where the appraisal management company bond will have offices or branch locations;
- Fingerprints (Clearance Card) for the purpose of conducting a thorough background check;
- The application must include the names, addresses, and telephone number of any and all persons who will own 10% or more of the Arizona appraisal management company, if this is applicable;
- Each of these persons must also submit a Clearance Card mentioned previously;
- The controlling person must be listed along with their full contact information;
- A full disclosure of any prior disciplinary activity as it relates to the appraisal business in Arizona, or any other state, must also be made. This includes both adverse criminal and/or civil verdicts or judgements;
- The controlling person must also provide their own disclosure;
- For both persons, depending on the nature of any convictions, if applicable, certified copies of the criminal or civil proceedings may be required;
Finally, a surety bond in the amount of $20,000 is required.
$20,000 Arizona Appraisal Management Company Bond
The appraisal management company bond is not an insurance company for the appraisal company, although it is purchased by the appraisal management company.
While it is necessary to be a licensed appraisal management company, this surety bond is required by the state of Arizona (the obligee) to ensure that the principal (the applicant) will abide by all rules, laws and regulations in the performance of their duties.
Were a claim ever to be paid by the surety company, it would be the obligation of the principal to reimburse the surety company in full for all-related costs, expenses, and fees.
Cost of the Appraisal Management Company Bond
Applicants for the appraisal management company bond will only pay a fraction of the $20,000 surety bond (known as the premium).
The amount of the premium will be determined by the applicant’s credit score.
AmeriPro Surety Bonds will work to find you the best premium pricing possible.
Once this Surety Bond is Obtained
Once the appraisal management surety bond is obtained, you will need to have it filed with the appropriate regulatory body.
You will need to have the surety bond filed with:
Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018
Their phone number is: 602-771-2800
Their fax number is: 602-381-1225
Should your bond in the future be canceled, you will also mail the notice of cancellation to the same address.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds provides license and permit, contract, court, and fiduciary bonds throughout all of Arizona.
We also provide surety bonds in all 50 states.
We would like the opportunity to provide you the best service, and thereby earn your surety bond business and trust.
Please call us today at 844-589-9732