Alaska Appraisal Management Company Bond
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How much does an appraisal management company bond cost in Alaska?
The Alaska Board of Certified Real Estate Appraisers requires appraisal management companies to post surety bonds to legally operate within the state. The amount of the bond is set at $50,000, and the cost is subject to underwriting wherein an underwriter determines the cost based on the applicant’s qualifications.
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If you’re ready to purchase your surety bond, submit a bond request today. One of our experts will personally contact you to walk you through our clear-cut bonding process. It’s that easy!
What does an appraisal management company do?
Alaska AMC bonds ensure that principals (appraisal management companies) perform all duties in full compliance with Senate Bill 155. This bond protects harmed parties from financial loss that results from the appraisal management company’s unlawful business practices.
How long is the bond in effect?
Appraisal management company bonds in Alaska remain in full force and effect until canceled. The surety can cancel the bond at any time by giving 30 days’ written notice to both the AMC and the Alaska Board of Certified Real Estate Appraisers.
How to become an appraisal management company in Alaska
An appraisal management company may refer to any entity conducting the following activities:
- Administering an appraiser panel
- Selecting, recruiting and contracting real estate appraisers
- Conducting reviews of completed appraisals before the appraisal delivery to a client
Appraisal management companies in Alaska cannot be owned (fully or partially) by any person that has had an appraisal license revoked, canceled or denied. AMCs cannot employ any appraiser who has had a license revoked or canceled. To become a licensed and/or certified appraiser in Alaska, applicants must:
- Apply for a Residential or General Real Estate Appraiser License with the State
- Successfully complete classroom instruction in subjects related to real estate appraisal, as required by the board in regulation, from an approved appraisal organization or academic institution
- Pass the examination prescribed by the board
- Not be convicted of a crime involving moral turpitude, a legal term meaning the individual has not violated an accepted standard of the community
- Pay all required fees associated with the license, including a $100 exam fee
Appraisal Management Company Bonds Nationwide
Many appraisal management companies are licensed to work in multiple states, meaning they are must adhere to different license and bonding requirements. For more information about appraisal management company bonds in other states, read our Guide to Appraisal Management Company Bonding.
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