Nj Appraisal Company Bond Requirement

[Bob Ipock]

http://www.njbiz.com/article/201711...uired-from-nj-real-estate-appraisal-companies

 

[Meandering]

Makes you wonder if they bond doctors and dentists, lawyers and accountants, Realtors and mortgage brokers. Otherwise, it sounds like an anti-competitive tax that will not enhance the availability of bringing new people into the industry.


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[Mike Kennedy]

The purpose of these bonds is to offer protection to the state as well as to appraisal management companies’ clients. Bonds stand to guarantee that appraisers will comply with the conditions laid out in the bond, which are typically the same as those specified in state laws.

This includes doing business honestly, such as performing appraisals in an objective and independent way. If such a company is found to be in breach of state laws, and has acted dishonestly by misleading its clients, the latter may file a claim against the company’s bond.

The surety which backs the bond can provide the compensation if the appraisal company refuses to or cannot do so. For this reason, it is always best to avoid the possibility of giving rise to a claim. In other words, the purpose of the bond is also to serve as a deterrent and ensure that bonded businesses remain compliant.

The bullseye on the chest of every Appraiser in NJ - just got MUCH larger. Evidently a Million$ dollar E&O policy is insufficient.

 

[Meandering]

The purpose of these bonds is to offer protection to the state as well as to appraisal management companies’ clients. Bonds stand to guarantee that appraisers will comply with the conditions laid out in the bond, which are typically the same as those specified in state laws.

This includes doing business honestly, such as performing appraisals in an objective and independent way. If such a company is found to be in breach of state laws, and has acted dishonestly by misleading its clients, the latter may file a claim against the company’s bond.

The surety which backs the bond can provide the compensation if the appraisal company refuses to or cannot do so. For this reason, it is always best to avoid the possibility of giving rise to a claim. In other words, the purpose of the bond is also to serve as a deterrent and ensure that bonded businesses remain compliant.

The bullseye on the chest of every Appraiser in NJ - just got MUCH larger. Evidently a Million$ dollar E&O policy is insufficient.

Yeah BS.

Not all appraisers work for AMCs, yet, the bond is not limited to only appraisers working for AMCs.

It's anti-competitive, excuse tax BS.

Appraiser licensing fees already pay the state to enforce the state laws against appraisers.

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[glenn walker]

More desperate states ---come to California everything is passed to protect people- appraisers are an-easy hit they have no political support and everyone hates

 

[Carlos Danger]

The bond is for appraisal management companies, not appraisers.

 

[Mr Rex]

The bond is for appraisal management companies, not appraisers.

You might want to re-read the article. Its appraisal companies, not AMCs.

 

[Carlos Danger]

I read the article and I believe it is wrong. The bill (1973) requires real estate appraisal management companies to register and post a $25,000 surety bond.

 

[Carlos Danger]

I will be renewing my license today or tomorrow. I'll let you know if there are any changes.

 

[Meandering]

Carlos is correct.

It is a fake news article.

Here is the bill
https://www.appraisalinstitute.org/assets/1/7/New_Jersey_AB_1973.pdf

The ONLY mention of a bond is on page 11 of the bill:

d. The board shall require of each appraisal management company seeking registration a surety bond of $25,000.