Appraisal management companies operating in Tennessee are regulated by the Tennessee Real Estate Appraiser Commission.
The Commission serves as the obligee for the surety bond requirement of appraisal management companies.
AmeriPro Surety Bonds offers this surety bond as both a new and renewal bond.
The Tennessee appraisal management company is a $20,000 surety bond required by the Commission.
Evidence of a surety bond must submitted along with an application for a appraisal license. If you are renewing an existing license, then a copy of a surety bond must be submitted; however, check with the Commission if this is still applicable.
As an applicant for this surety bond, you will do two things which will determine the premium, or cost of this surety bond.
As a broad general rule, well-qualified applicants may pay less than 1% annually for this bond; however, amounts will vary based up information provided in your application and the credit scoring.
Additionally, options may exist to prepay the bond for 2 or 3 years. If this option is available, doing so allows you to save over year-to-year renewal of the bond premium.
Typically, the TN appraisal management surety bond will be active for one year from the date of issuance, subject to the options stated above.
The purpose of the Tennessee appraisal management company bond is a financial guarantee which ensures your compliance with all statutes and regulations governing appraisal management in the state.
The bond particularly ensures your compliance with Tenn. Code Ann. § 62-39-401 and any additions or amendments to that legislation.
AmeriPro Surety Bonds is a surety bonds only agency which provides license and permit, fiduciary, court, and contractor surety bonds throughout Tennessee.
We also provide surety bonds nationwide.
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