Utah Appraisal Management Bond

A Utah Appraisal Management Bond is a type of surety bond required by the Division of Real Estate in Utah for individuals or companies that manage the appraisal process for real estate transactions. The bond is also referred to as a Utah AMC Bond.  The Bond Amount is $25,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount.

How to Get a Utah Appraisal Management Bond

At Surety1.com we make it easy to obtain the Utah AMC Bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Utah Appraisal Management 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.} 

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.

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How to Obtain an AMC License in Utah

To become a licensed Appraisal Management Company (AMC) in Utah, you need to follow these steps:

1. Meet the Requirements:
   • Company Structure: Your company must be organized as a corporation, limited liability company, or partnership.
   • Principal Owner Qualifications: The principal owner must be a licensed or certified real estate appraiser in good standing.
   • Employee Qualifications: Employees who select appraisers or review appraisals must be licensed or certified appraisers or have completed a USPAP course.
   • Financial Stability: You must demonstrate financial stability and the ability to meet operational requirements.
2. Complete the Application Process:
   • Gather Necessary Documents: This includes the AMC application form, information about your company, principal owner, and employees, and a Utah AMC Bond.
   • Submit Fingerprints: You’ll need to submit fingerprints for the principal owner and any other individuals with significant ownership or control.
   • Pay Fees: There are non-refundable application and fingerprint processing fees.
3. Comply with Regulations:
   • Adhere to USPAP Standards: Your company must follow the Uniform Standards of Professional Appraisal Practice (USPAP) to ensure accurate and reliable appraisals.
   • Maintain Records: You must keep detailed records of all appraisal assignments, appraisers, and reviews.
   • Provide Disclosures: You must disclose any conflicts of interest or relationships with appraisers.
4. Obtain a Utah Appraisal Management Bond:
   • A Utah Appraisal Management Bond is required to protect consumers and ensure compliance with state regulations.
   • The bond amount is typically $25,000.

Important Note:

The specific requirements and application process can change, so it’s essential to consult the latest information from the Utah Division of Real Estate. You can find detailed information and application forms on the Division of Real Estate’s website.  

The information provided above is for general informational purposes only and does not constitute legal advice.  Do not rely solely on the information presented here as a substitute for professional legal counsel.