Pennsylvania Real Estate Appraisal Management Company Bond

Real Estate Appraisal Management Company Bond
Real estate appraisal management companies need a surety bond in order to operate legally in Pennsylvania thanks to a new bill. Titled HB 398, the bill requires real estate appraisal management companies to obtain a $20,000 surety bond. The State Board of Certified Real Estate Appraisers is allowed to require a varying bond amount if needed.


Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.

2 Comments

Jim

If a person / company is looking for a $20,000 bond what would the typical cost be ? What I am not understanding is typically banks require individual appriasers to have $1,000,000 Error and Omissions insurance which would cover the client up to $1,000,000 on an individual appraisal. What exactly would a $20,000 bond be covering for an AMC ?

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Eric Weisbrot

Hey Jim,

The cost will be a percentage of the bond amount based on personal credit.

The bond guarantees you will follow all regulations set by the state. Let me know if you have any other questions.

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