Arizona Appraisal Management Company License Surety Bond
Arizona Appraisal Management Company License Surety Bond.
In accordance with Arizona Revised Statutes Annotated (Arizona Appraisal Management Company License Surety Bond), under Title 32-3667 an Appraisal Management Company or AMC is said to mean any corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term “appraisal management company”, “mortgage technology provider”, “lender processing services”, “lender services”, “loan processor”, “mortgage services”, “real estate closing services provider”, “settlement services provider”, “vendor management company” or any other name, and that does any of the following:
(a) Administers an appraiser panel of independent contract appraisers to perform real property appraisal services in this state for clients
(b) Receives requests for real property appraisal services from clients and, for a fee paid by the client, enters into an agreement with one or more independent appraisers to perform the real property appraisal services contained in the request.
(c) Otherwise serves as a third party liaison of appraisal management services between clients and appraisers.
“Appraisal management services” is the process of receiving a request for the performance of real property appraisal services from a client and, for a fee paid by the client, entering into an agreement with one or more independent appraisers who are part of an appraiser panel to perform the real property appraisal services contained in the request.
If you are transacting business in the State of Arizona as an AMC, you must post and preserve a $20,000.00 Appraisal Management Company License Surety Bond to the State of Arizona Appraisers Board.
How to start an appraisal management company in Arizona?
To become a licensed AMC in Arizona, companies have to complete the designated registration packet and do the following:
pay the required registration fee
submit a fingerprint clearance card
submit a certificate of good standing
provide contact information for any individual authorized by the AMC to select independent appraisers for real property services in Arizona.