{"id":1402,"date":"2014-07-08T23:15:32","date_gmt":"2014-07-08T23:15:32","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1402"},"modified":"2017-01-03T16:20:31","modified_gmt":"2017-01-03T16:20:31","slug":"north-carolina-appraisal-management-company-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/north-carolina-appraisal-management-company-surety-bond\/","title":{"rendered":"North Carolina Appraisal Management Company Surety Bond"},"content":{"rendered":"<p>In 2013, the North Carolina General Assembly amended N.C.G.S. 93E-2-4 to require that appraisal management companies post a <strong><a href=\"https:\/\/suretyone.com\" target=\"_blank\">North Carolina appraisal management company surety bond<\/a><\/strong> in the amount of\u00a0$25,000 bond. The law went in to effect on January 1, 2014, and states that, &#8220;Each applicant for registration or for a renewal of a registration shall post with the Board and maintain a surety bond in the amount of twenty-five thousand dollars ($25,000)\u00a0in a form satisfactory to the Board of Appraisal and must\u00a0accrue to the Board for the benefit of a claimant against the registrant to secure the faithful performance of the registrant&#8217;s obligations under the Article and to a real estate appraiser who has performed an appraisal for the registrant for which the appraiser has not been paid&#8221;. \u00a0The bond obligation is not cumulative, the aggregate liability of the surety not exceeding the principal sum of the bond. \u00a0A third party having a claim against the registrant may bring suit directly on the surety bond, or the Board may bring suit on behalf of the party having a claim against the registrant, either in one action or in successive actions. Any claim reducing the face amount of the <strong><a href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">North Carolina appraisal management company bond<\/a><\/strong> must be increased at renewal of the registrant&#8217;s registration so that the bond amount restored to $25,000. The obligation is continuous, remaining in effect until surety&#8217;s cancellation, which may occur only after 90 days written notice to the Board. Cancellation does not affect any liability incurred or accrued during the bonded period. \u00a0The surety bond shall has a two year tail after the registrant ceases operations in this State however the Board may permit the surety bond to be reduced or eliminated prior to that time to the extent that the amount of the registrant&#8217;s outstanding obligations to appraisers is reduced. The appraisal management company surety bond and application materials should be submitted to:<\/p>\n<p>North Carolina Appraisal Board<br \/>\n<strong>North Carolina Appraisal Management Company Surety Bond<\/strong><br \/>\n5830 Six Forks Road<br \/>\nRaleigh, NC 27609<\/p>\n<p>Subsequent to the enactment of the new statute the Board issued new rules implementing the changes. \u00a0While most of the rules are based on the law which adopted the new AQB criteria, added the Licensed Residential credential and added a surety bond requirement for AMCs, there are also terminology changes from \u201cprelicensing\u201d or \u201cprecertification\u201d education to \u201cqualifying\u201d education and administrative directives pertinent to instructors and trainees. \u00a0The the A.R.s may be viewed at\u00a0http:\/\/ncappraisalboard.org\/RuleMaking.pdf.<\/p>\n<p><strong>North Carolina surety leader<\/strong>, <a href=\"https:\/\/suretyone.com\" target=\"_blank\">Surety One, Inc.<\/a> is a specialist in the bonding needs of the appraisal profession. \u00a0We offer both surety and fidelity bonds needed by these professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at SuretyOne.com, call <span style=\"color: #ff0000;\">(787) 333-0222<\/span> or <span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email us at <span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span> for a <strong>North Carolina appraisal management company surety bond<\/strong>\u00a0application or information on ANY surety bonding need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2013, the North Carolina General Assembly amended N.C.G.S. 93E-2-4 to require that appraisal management companies post a North Carolina appraisal management company surety bond in the amount of\u00a0$25,000 bond. The law went in to effect on January 1, 2014,&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/north-carolina-appraisal-management-company-surety-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[280,414,1744,1746,1743,1745,1747,1748],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>North Carolina Appraisal Management Company Surety Bond &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/north-carolina-appraisal-management-company-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North Carolina Appraisal Management Company Surety Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"In 2013, the North Carolina General Assembly amended N.C.G.S. 93E-2-4 to require that appraisal management companies post a North Carolina appraisal management company surety bond in the amount of\u00a0$25,000 bond. 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