Idaho Appraisal Management Company Bond Guide
In Idaho, real estate appraisal management companies must file a $25,000 surety bond to register with the Bureau of Occupational Licenses Real Estate Appraiser Board.
Bond Overview
- Purpose: To protect home buyers and sellers from financial loss if an appraisal company causes harm
- Who Needs It: Residential real estate appraisal management companies operating in Idaho
- Regulating Body: The Idaho Bureau of Occupational Licenses — Real Estate Appraiser Board
- Required Amount: $25,000
- Premium Rate: $250
Keep scrolling to learn more about how appraisal management company bonds work in Idaho.
What Is an Idaho Appraisal Management Company Bond?
An Idaho appraisal management company bond guarantees appraisal management companies (AMCs) will adhere to all federal and state laws. The state Real Estate Appraiser Board requires this bond for AMCs to obtain or renew their registration.
How Much Do Appraisal Management Company Bonds Cost?
The Board requires all AMCs to purchase $25,000 in bond coverage. The bond premium costs a flat rate of $250 — just 1% of the total coverage amount.
Your premium will be rounded based on your term start and end dates. Select a multi-year term at checkout to save 25% and time on renewals.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no fees.
How Does an Idaho AMC Bond Work?
An Idaho appraisal management company bond is a legal contract between three parties:
- Principal: The appraisal management company purchasing the bond
- Obligee: The Idaho Real Estate Appraiser Board requiring the bond
- Surety: The provider issuing the bond
Under this contract, you, as the principal, promise to uphold Idaho Code Title 54 Chapter 41.
If you break the bond terms, harmed parties can file claims on the bond within 120 days of the noncompliant act. The surety will validate and pay claims up to the full bond amount. However, you are ultimately responsible for refunding the surety.
Who Needs an Appraisal Management Company Bond?
The Idaho Real Estate Appraiser Board requires all AMCs to prove financial security to be licensed. You can either file a $25,000 surety bond or an irrevocable letter of credit from an insured depository institution.
For most applicants, a surety bond is the most affordable and efficient option. Learn more about surety bonds versus letters of credit here.
How Do I Get an AMC Bond in Idaho?
SuretyBonds.com provides the fastest and easiest way to get an appraisal management company bond. Follow these simple steps:
- Apply Online: Enter your information in our online portal
- Pay Invoice: Complete your purchase online or over the phone
- Receive Bond: Select your FedEx shipping option to receive your original bond form
Upon receipt, file the official bond documentation with the Board. You can mail the bond form to the address below:
Idaho Bureau of Occupational Licenses
Real Estate Appraiser Board
P.O. Box 83720
Boise ID 83720-0063
How Fast Can I Get My Bond?
SuretyBonds.com offers overnight FedEx delivery. Purchase now to receive your official bond the next day.
Can I Get Bonded With Bad Credit?
Yes, since this bond is available for instant issue, you can get bonded regardless of credit score. Instant issue bonds are automatically approved at the same price for all applicants.
How to Renew Your Appraisal Management Company Bond
Idaho AMC bonds expire annually unless you purchase a multi-year term. We’ll send you reminders and a renewal invoice before your bond expires. To renew your bond, all you need to do is pay the renewal premium.
How to Register an Appraisal Management Company in Idaho
The Idaho Real Estate Appraiser Board oversees licensure for all appraisal management companies in the state.
To apply, submit the following materials to the Board via mail, as stated in this form:
- Proof of a $25,000 surety bond or irrevocable letter of credit
- Fingerprint card and $33.25 background check processing fee for all owners
- Notarized application form
- Payment for the $1,000 application fee (check or money order)
The Board reviews applications when it meets every other month. You'll receive a written evaluation 2-5 business days after the most recent meeting. The meeting schedule can be found on their website.
