A Pennsylvania Appraisal Management Company Bond is a type of surety bond required by the Pennsylvania State Board of Certified Real Estate Appraisers (SCBREA) for all appraisal management companies (AMCs) that operate in the state. The bond serves to protect consumers from financial losses if an AMC fails to comply with Pennsylvania law or the SCBREA’s rules and regulations. The Pennsylvania AMC Bond is a condition of licensure for AMCs in Pennsylvania. AMCs must obtain the bond before they can apply for a license from the SCBREA. The bond must be maintained in good standing for as long as the AMC is licensed to operate in Pennsylvania. The amount of the surety bond is $25,000.
An Appraisal Management Company in Pennsylvania is a third-party company that is hired by lenders to order and manage appraisals. AMCs are responsible for selecting qualified appraisers, ordering appraisals, and reviewing the appraisals to ensure that they meet the lender’s requirements.
The Pennsylvania Appraisal Management Company Bond is a three-party agreement between the AMC, a surety company, and the SCBREA. The surety company guarantees that the AMC will meet its financial obligations under the bond. If the AMC fails to comply with the law or the SCBREA’s rules and regulations, the surety company may be required to pay damages to consumers who have been harmed by the AMC’s actions. If the surety pays a claim on the bond, it will seek reimbursement from the AMC.
How to get a Pennsylvania 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 Pennsylvania AMC Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
The cost of the Pennsylvania AMC bond is usually between 1% and 3% of the bond amount.. Surety1 will shop its many markets to procure the right price at the right terms.
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
To get a Pennsylvania Appraisal Management Company (AMC) license, you must follow these steps:
- Meet the eligibility requirements. To be eligible for a Pennsylvania AMC license, you must:
- Be a resident of Pennsylvania or have a principal place of business in Pennsylvania.
- Have a minimum of two years of experience in the appraisal management industry.
- Have a surety bond in the amount of $25,000.
- Submit an application and supporting documentation. The application and supporting documentation must be submitted electronically through the Pennsylvania Licensing System (PALS). The supporting documentation includes:
- A copy of your Pennsylvania Appraisal Management Company Bond.
- A copy of your business license, if applicable.
- A copy of your resume or curriculum vitae.
- A copy of your business plan.
- Pay the application fee. The application fee for a Pennsylvania AMC license is $1,000.
- Pass the AMC exam. The AMC exam is a two-hour exam that covers a variety of topics related to the appraisal management industry. You can register for the exam through the Pennsylvania State Board of Certified Real Estate Appraisers (SCBREA).
Once you have completed all of the steps above and have been approved for a license, you will be issued a Pennsylvania AMC license. Your license will be valid for two years. You must renew your license every two years by meeting the renewal requirements and paying the renewal fee.
Here are some additional tips for getting a Pennsylvania AMC license:
- Make sure that you meet all of the eligibility requirements before you submit an application.
- Review the application and supporting documentation carefully before you submit them.
- Pay the application fee on time.
- Study for the AMC exam and take it as soon as possible after you have submitted your application.
- Renew your license on time every two years.
If you have any questions about the Pennsylvania AMC licensing process, you can contact the SCBREA at (717) 783-4866.