By November, 2017 all AMCs must post a New Jersey appraisal management company bond in order to conduct operations within the state. Assembly Bill 1756, originally introduced in 2013 will be implemented by the State Real Estate Appraiser’s Board and new application requirements enforced. State statute defines an AMC as, “a business entity that administers a network of certified and licensed appraisers to fulfill real estate appraisal assignments on behalf of mortgage lending institutions, as well as other entities. AMCs recruit, qualify, verify licensing, and negotiate fees and service level expectations with a network of third-party fee appraisers. AMCs also provide administrative duties such as tracking and providing clients with the status of their appraisal requests and preparing preliminary and hard copy reports for delivery to clients. AMCs review its appraiser’s appraisal reports and determine its compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). If your professional activities fall with the definition, then registration is mandatory.
The New Jersey appraisal management company bond form has not been released for review however if the Board follows the general format of surety bonds manuscripted by other state appraisal boards and regulators, the obligation will be a cancelable compliance guarantee which provides indemnity to parties injured by the AMC’s improper practices. The bond will likely also indemnify the regulatory agency for costs of investigation claims against the AMC if the same is sustained. As per the Board, updated application forms will be available as the registration deadline approaches. Interested parties can contact the Board as follows:
Board of Real Estate Appraisers
P.O. Box 45032
Newark, NJ 07101
email contact link
New Jersey surety bond leader, Surety One, Inc. is a specialist in the bonding needs of the real estate appraisal professionals. We offer the surety bonds and fidelity bonds needed by AMCs in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at SuretyOne.com, call (800) 373-2804, or email us at Underwriting@SuretyOne.com for an New Jersey appraisal management company surety bond application or information on ANY surety bonding need.
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