The Board of Certified Real Estate Appraisers now require real estate appraisal management companies to register and post a $50,000 bond. This new bond agreement guarantees that they will follow all applicable laws and regulations in the state in which they place appraisers in. This surety bond protects the state and the public by guaranteeing that appraisal management companies will comply with all applicable state and federal laws.
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. These regulations are aimed at boosting consumer safety and stabilizing the housing market.
Real estate appraisal management companies must register with the Alaska’s Department of Commerce, Community, and Economic Development’s Board of Certified Real Estate Appraisers. Registration is valid for two years and may be renewed with proof of compliance to the requirements.
Surety Solutions Insurance Services, Inc. (Surety1) provides these bonds in all the states required at attractive rates. Simply complete our easy to navigate, online application and within 1 business day one of our surety bond agents will contact you with a firm quote. If you need bonds in more than one state, you only need to complete the application once and when contacted by an agent, let them know what other states you need to get bonded in.
Further information: http://www.legis.state.ak.us/PDF/30/Bills/SB0155Z.PDF
How do you see think this new bond requirement will make an impact both for the appraisal management and the consumer? Please feel to share your thoughts in the comment section below.