Virginia Appraisal Management Company Bond
AmeriPro Surety Bonds | 844-589-9732
Appraisal Management Companies – Virginia
The Department of Professional and Occupational Regulation regulates appraisal management companies in the Commonwealth.
As a condition of licensing, appraisal management companies must furnish evidence of a surety bond.
AmeriPro Surety Bonds offers the appraisal management bond as both a new (first time) and renewal bond.
Virginia Appraisal Management Company Bond: Amount and Premium (Cost)
The Virginia appraisal management company bond is a $100,000 surety bond required by the Commonwealth.
Qualifying for the appraisal management company bond involves:
- The completion of a surety bond application;
- Providing Information regarding your net worth;
- Whether you have any bankruptcies, unsatisfied judgments, or tax liens
- You may also be asked to provide a financial statement;
- There will also be a standard credit check involved as part of the application process.
As a very broad and very general rule, an applicant with good credit and who otherwise qualifies may pay in the neighborhood of 1%-1.5% percentage range annually.
Those with correspondingly lower credit scores may pay 2%-5% annually for the appraisal management company bond.
AmeriPro Surety Bonds will work to provide you the best surety bond pricing, and for those whose premium is substantially higher, in some cases we may be able to offer premium financing.
If offered, premium financing is only for the first 4 or 5 months of the bond’s terms, and requires a down payment of around 40% of the bond’s annual premium.
It may realistically take up to 48 business hours before your bond is approved and issued, subject to payment.
The Bond’s Duration
Once issued, the Virginia appraisal management company bond is active for one year from the date of the bond’s issuance.
The Purpose of this Bond
A Virginia appraisal management company bond is a financial guarantee on behalf of the Commonwealth and its residents.
The bond ensures your company’s compliance with all rules and regulations involved in appraisal management.
The bond also protects appraisers who have not been paid. Such persons may file a claim against your bond for non-payment of services.
In short, the bond protects others from acts of fraud, theft, and criminal malfeasance on the part of an appraisal management company.
Additionally, these protections also extend to illegal acts committed by employees, agents and managers of a licensed appraisal management company.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout the Commonwealth of Virginia.
Our agency also provides surety bonds nationwide.
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