The Oregon Appraisal Management Company Bond is required by the State of Oregon in the amount of $25,000. The bond states that the bondholder shall comply with all statutes and rules, pertaining to ORS 674. Such as, not practicing negligent or improper real estate appraisal activity.
Appraisal is the process of developing an opinion of the value of real property using commonly accepted standards. An Appraisal Management Company is an external third party that oversees an appraisal panel. They are authorized by a client to recruit, select and retain appraisers. In addition, they manage the appraisal process and review & verify the work done.
Who needs to have an Oregon Appraisal Management Company Bond?
Individuals who wish to operate an Appraisal Management Company must first register with the State. This is done through the Appraiser Certification and Licensure Board. The bond is one of the requirements to becoming registered.
First, individuals must register with the Oregon Secretary of State. Next, a completed Appraisal Management Company Registration application form must be submitted. And, each subject individual and controlling person on the application needs a background check.
Start the process by completing our free online application form. Next, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, when you are ready to proceed, we’ll have you sign the agreement and collect the premium payment. Lastly, your Oregon Appraisal Management Company Bond will be mailed to you by USPS Priority Mail. Overnight delivery is available for an additional fee.
Surety1 has been in this industry since 2003. We cater to all 50 states and we even maintain an A+ rating from the Better Business Bureau.