The Oregon Appraisal Management Company Bond (AMC bond) is a type of surety bond. The surety bond is just one requirement of the Appraiser Certification and Licensure Board to obtain a license as an AMC in the state. The bond amount is $25,000. The purpose of the bond is to guarantee the bondholder (licensee) shall comply with all statutes and rules, pertaining to ORS 674. Such as, not practicing negligent or improper real estate appraisal activity.
What does an Oregon Appraisal Management Company do?
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 AMC 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. Failure to provide a bond will prevent the applicant to obtain or maintain a license io the state.
What are other requirements to become 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.
How do I get an Oregon Appraisal Management Company Bond?
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Oregon Appraisal Management Company Bond will be shopped to the bond principal (licensee) for the required signature.
1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 maintains an A+ rating from the Better Business Bureau.