Frequently asked questions: Appraisal management companies
Who will need a license?
All appraisal management companies who contract with Washington appraisers for appraisal services in Washington State will be required to have a license with us. For details, see RCW 18.310: Appraisal management companies.
When do I need to have a license?
- As of July 1, 2011, you must have all of the following:
- As of February 29, 2012, you must submitted all your license application materials to us.
How do I get license application forms?
See Forms to get the applications you need to apply for a license, provide a surety bond, and register a designated controlling person for your company.
What are the license requirements?
When you apply for a license, you must:
- Have a $25,000 surety bond.
- Provide fingerprint cards for background checks on all:
- Controlling persons.
- Owners who own more than 10% of the company.
- Have a process to verify that a person being added to your appraiser panel has a valid Washington license.
- Have a system to periodically review the work of appraisers performing appraisal services for the company.
- Maintain detailed records of service requests and appraisal reports.
How long will the license be valid?