Appraisal companies wishing to manage a network of real estate appraisers in North Carolina must be licensed through the North Carolina Appraisal Board (NCAB). Under this license, the Appraisal Management Company (AMC) is required to obtain a $25,000 Appraisal Management Company Bond. The surety bond ensures that the AMC will operate in compliance with applicable state laws and acts as a financial guarantee to any person who suffers damage, including the NCAB.
Choose Jet and have the Appraisal Management Company Bond ready for submission with your license application in just minutes!
Jet’s affordable price for the Appraisal Management Company Bond is $125 annually or $13 monthly. The Jet team also offers 2- or 3-year bond term payment options for companies looking for long-term bond plans. Below you can find examples of preferred credit pricing tiers and their available bond terms.
Unlike other surety bond providers, choosing Jet gives you the option to pay for your bond with monthly installments. Your bond will remain active as long as you continue to make payments and you won't have to worry about the constant hassle of having to renew your bond. The annual or multi-year terms are also great options if you prefer to pay for the bond in full up front!
The original signed and sealed $25,000 Appraisal Management Company Bond must be filed with the North Carolina Appraisal Board, which Jet can do for you! After your purchase of the bond has been completed, Jet will file the original bond with the NCAB and send you a copy for your personal records.
If you would prefer to file the bond yourself with the initial or renewal license application, our application process allows you to select that option. The original bond form and license paperwork should be mailed to the following address:
North Carolina Appraisal Board
5830 Six Forks Road
Raleigh, NC 27609
The 2008 recession created a serious need for appraisal management companies to be regulated through government entities such as the North Carolina Appraisal Board. As a result, the NCAB requires all North Carolina AMC’s to acquire the $25,000 Appraisal Management Company Bond. This requirement assures that licensees are trained and tested to the NCAB’s quality standards of ethics and enforces state laws pursuant to the North Carolina Appraisers Act. The bond also provides financial protection in cases of the company committing violations that could result in damages to an appraisal client or the Board.
Appraisal management companies and their appraisers are expected to follow all state laws and regulations pursuant to North Carolina General Statutes Chapter 93E, otherwise known as the North Carolina Appraisers Act. The statutes are quite extensive; Jet recommends AMC principals and the appraisers working for them to read over the act thoroughly before commencing a real estate appraisal.
Failure to comply with such laws can result in various violation penalties. For less serious violations: the NCAB may suspend, revoke, or refuse to renew the AMC’s license for a set period of time. For more serious violations: the NCAB may impose civil penalties on the AMC up to $10,000 for first time violations or $25,000 for repeated violations. A financially harmed appraisal client may take civil action directly against the AMC that could result in a bond claim or the NCAB can choose to take civil action on behalf of the damaged client that could also result in a bond claim, either in one action or successive actions.
A key prohibited act that could facilitate a bond claim is as follows: No appraiser of a licensed AMC shall influence the development, reporting, or result of a real estate appraisal through coercion, extortion, collusion, physical intimidation, or bribery.
Financially harmed clients may submit AMC violation complaints to the NCAB. The NCAB will proceed with a review and thorough investigation of the complaint. If the violation is proven to be valid, the NCAB may advise the client to pursue civil action directly against the AMC while inflicting their own separate penalties onto those involved in the prohibited act(s). In other cases, the NCAB may choose to take civil action against the AMC on behalf of the client that could also result in a bond claim. It is in the best interest of the AMC and their appraisers to resolve the complaint with the harmed client and NCAB before severe penalties or civil action and a bond claim is pursued.
If civil action is brought against the AMC by the client, and the court proceeds to validate the claim, the bond may be used as a reimbursement for financial damages as well as to cover a reasonable attorney's fee fixed by the court. If civil action is taken by the NCAB on behalf of the damaged client, the bond will be used to reimburse the client for financial losses as well as the NCAB’s attorney fees which will be fixed by the court.
Immediately contact Jet upon receipt of the court-ordered bond claim payout notification! The Jet team will commence a review of the claim details, the NCAB’s investigation, and the court’s investigation. Proven claims that come from the state court system are thoroughly investigated prior to reaching Jet, therefore there is little Jet can do other than accept the claim and make payment to the claimant(s).
Jet will make payment up to the $25,000 bond limit for valid claims. The AMC owner is ultimately responsible for their company’s actions and must reimburse Jet for the paid out claim. Failure to do so will result in difficulties obtaining future surety bonds, including the Appraisal Management Company Bond which is required for licensing.
Jet understands that our customers' time is valuable. With this in mind, the Jet team created a bond application that can be completed from the comfort of your home in just minutes! Our online application for the North Carolina Appraisal Management Company Bond will ask for some basic information such as AMC’s name and the owner's social security number. A soft credit check will be done in seconds to get an appropriate rate, and it will not affect your credit score. Once the bond term is selected and payment has been made, Jet will file the original bond form for you or mail it to the address of your choice for personal filing.
Not with Jet! Our monthly bond payment option eradicates the need for a bond renewal. Your payments will continue to come out of your preferred account until cancellation is requested. Plus, you will always have an active bond ready for the required annual license renewal.
The Appraisal Management Company Bond is continuous so if you choose one of our 1-, 2-, or 3-year bond payment options, Jet will send you a renewal invoice prior to the bond term’s expiration. Jet does not require any extra paperwork, payment is all that is needed.
At Jet, you can cancel the bond at any time! Just send a cancellation request to Jet through email or certified mail and we will proceed with mailing a cancellation notice to the North Carolina Appraisal Board. Liability will be released within 90 days of the written cancellation notice date to the Board.
Regarding refunds, Jet will be required to charge for that 90-day period as the bond is still technically active. If the monthly payment option was chosen, Jet will stop the payments after the cancellation period has ended. If one of the yearly payment options was chosen, the Jet team will commence a review of the bond to see if there is any premium available for reimbursement.