In Kentucky if you wish to operate a real estate appraisal management company you must provide a Kentucky appraisal management company bond. Kentucky law requires that an Appraisal Management Company register with the Kentucky Real Estate Appraisers Board and have a current license issued prior to conducting business. Kentucky defines an “AMC” as a person who performs the actions necessary to administer a network of state-licensed appraisers to fulfill requests for appraisal management services on behalf of a client, including but not limited to the following actions: (a) Recruiting appraisers; (b) Contracting with appraisers to perform appraisal services; (c) Collecting fees from clients; (d) Negotiating fees with appraisers or reimbursing appraisers for appraisal services;(e) Receiving appraisal orders and appraisal reports; (f) Submitting appraisal reports received from appraisers to the company’s clients; (g) Reviewing or verifying appraisal reports; or (h) Managing the process of having an appraisal performed, including providing related administrative and clerical duties. Pursuant to KRS 324A.154 the Kentucky appraisal management company bond must be in an amount established by the board through administrative regulation but shall not exceed five hundred thousand dollars (currently the bond requirement is only $25,000), and accrue to the state for the benefit of any claimant against the registrant to secure the faithful performance of the AMC’s obligations. Surety One, Inc., the nation’s surety leader provides same day bonding of all appraisal management company bond applicants regardless of credit condition. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com, for a Kentucky appraisal management company bond application other information regarding surety bonds. Multi-state AMC? No problem! We offer surety bonds in ALL fifty states and beyond.
