Arizona Appraisal Management Company License Surety Bond
In accordance with Arizona Revised Statutes Annotated, under Title 32-3667 an Appraisal Management Company ro 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 term, 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 maintain a $20,000.00 Appraisal Management Company License Surety Bond to the State of Arizona Appraisers Board.
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