Real Estate Appraisal Management Company
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About
An apraisal management company, or an AMC, is an entity through which real estate valuation services for properties are provided. To become a registered appraisal management company, an applicant must complete the AMC application, submit the requisite fees, and a surety bond in the amount of $20,000.00.
Requirements
1) Name of the entity seeking registration
2) Tennessee business address
3) Phone contact information
4) If the entity is not a corporation domiciled in this state, the name and contact information for the company's agent in Tennessee.
5) A certification that the entity has a system and process in place to verify that a person being added to the appraiser panel of the AMC for appraisal services performed holds a Tennessee license.
6) A certification that the entity has a system in place to review the work of all appraisers performing real estate appraisal services in Tennessee for the AMC on a periodic basis to validate that the services are being conducted in accordance with USPAP.
7) A certification that the entity maintains a detailed record of each service request that it receives for appraisal services within the state of Tennessee and the appraiser who performs the real estate appraisal services for the AMC.
Fees
New Registration: $2,000
Renewal: $2,000 (biennial)
Late Penalty: $100 per month
Additional
Documents Required with Application:
- Affidavit of Controlling Person
- Interest Declaration for Ownership for AMC
- Surety Bond Form
- Irrevocable Consent to Service of Process
- Appointment Agent for Service of Process
Change of Address
Reporting address changes (residential, business, or mailing) is your personal responsibility. Address changes can be completed online. The business address and residential address must be physical addresses. Please remember to update phone numbers, business name, and e-mail addresses, if necessary.