Nj Appraisal Company Bond Requirement

[Meandering]

I sent them a nifty email.

 

[jay trotta]

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.

Oh no, Fake Snews, who'd a thunk it............I'm shocked

 

[Meandering]

Oh no, Fake Snews, who'd a thunk it............I'm shocked

Kinda sad there is no fake news police to turn them in. It's a little early yet to see if they've read my email.

We'll see if they respond to it or not.

.

 

[jay trotta]

Surety bond
A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.


Don't see how that could ever apply (to an independent contractor, under regulation), maybe I'm missing something.

Definition of principal
1 :a person who has controlling authority or is in a leading position: such as
a :a chief or head man or woman
b :the chief executive officer of an educational institution
c ne who engages another to act as an agent subject to general control and instruction; specifically :the person from whom an agent's authority derives - Would appear to reflect an AMC position
d :the chief or an actual participant in a crime
e :the person primarily or ultimately liable on a legal obligation

 

[Meandering]

Surety bond
A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.


Don't see how that could ever apply (to an independent contractor, under regulation), maybe I'm missing something.

You're not missing anything. The article was purposely misleading. The bond has nothing to do with appraisers and only applies to AMCs.

You have no fudicary nor contractual obligation to bring in the number to make the deal work, so that clients aren't losing money when the appraisal does not make the deal work. You have no "contract" with an AMC, who is an agent of the lender, least they would have to disclose their agency agreement with you, and they don't want to do that ----.

.

 

[Meandering]

I got a nice email back from the editor of the mag.

They corrected the article, now it should say the bond is due from Appraisal MANAGEMENT companies, not appraisal companies.

.

 

[Riick]

Thanks Marion - I was going to comment that the information in the article was twisty / confusing.
Up until last week I thought Fake News was a metaphor, then came across some real Fake News, much worse than this .

 

[Meandering]

Thanks Marion - I was going to comment that the information in the article was twisty / confusing.
Up until last week I thought Fake News was a metaphor, then came across some real Fake News, much worse than this .

Always look for the editor of the publication and direct email them a request for retraction and apology for printing articles that are factually incorrect.

This is not the first time I've emailed, or called editors.

It's our industry, don't let outsiders smear it.

.

 

[Carlos Danger]

I ended up renewing this morning- nothing different from the last time.