Who Needs An Appraiser Of Real Estate Surety Bond?
Appraiser of Real Estate Surety Bonds are required for individuals that handle the appraisal or evaluation of real estate. Appraisals are necessary during the buying and selling process in order to determine the market value of various types of real estate, such as homes or commercial buildings.
What Is The Purpose Of An Appraiser of Real Estate Surety Bond?
These license and permit surety bonds ensure that appraisers (principal) conduct their evaluation in an objective and unbiased manner, based on true market value and in accordance with all applicable laws and real estate transaction regulations. They protect clients against any potential losses caused by fraud or other illegal actions committed by the appraiser. These bonds provide compensation to anyone who has suffered damages due to the misconduct committed by the licensed appraiser. If a harmed party files a claim against the bond and it is found to be valid, the surety company will pay out up to the penal sum of the bond to resolve the claim. Any monies paid out by the surety, including attorney’s fees, must be reimbursed by the principal.
How Much Are Appraiser Of Real Estate Bonds Written For?
The penalty amount for this type of bond will vary and is set by the state requiring the bond. Pacific Surety proudly offers Appraiser of Real Estate Surety Bonds in the following states:
For specific information about Appraiser of Real Estate Surety Bond requirements in your state, please contact your local licensing authority.
How Much Does An Appraiser Of Real Estate Surety Bond Cost?
The price your pay for an Appraiser of Real Estate Surety Bond will vary. Your premium will be based on several factors, including:
- The state requiring the bond
- Amount of the bond
- Personal credit of applicant
Individuals with good credit can expect to pay 1%-5% of the bond amount. This means qualified applicants could pay as little as $250 annually for a $25,000 bond. To find out how much your Appraiser of Real Estate Surety Bond is going to cost, please complete our online application for your free, no obligation price quote.
What Are The Requirements For An Appraiser Of Real Estate license?
The licensing requirements for an appraiser will vary and are set by the state that is issuing the license. The following are some typical requirements that most states will need to approve your Appraiser of Real Estate application:
- Name and business address
- Taxpayer identification number or social security number
- Payment of all applicable fees
- Completed required courses
- Pass any required exams
- Background check
Please consult your local licensing authority for a complete list of requirements needed for the state you are applying in.
Can I Get An Appraiser Of Real Estate Surety Bond With Bad Credit?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Appraiser of Real Estate Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is, and our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
Can The Premium For An Appraiser Of Real Estate Surety Bond Be Financed?
Yes! Pacific Surety has an industry-leading premium finance program that gives our clients the ability to purchase a bond when the upfront costs might be prohibitive to them. Applicants who choose this option will pay a percentage of their premium as a down payment, and the balance of the premium will be paid in 4 monthly installments. Please contact our staff for additional information regarding our finance program and if the bond you need qualifies for financing.
How Do I Get An Appraiser Of Real Estate Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.