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.
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 $100,000 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?
What do I need to do when my Appraisal Management Company needs to provide a license history or a letter of good standing to another state?
Please fill out and email or mail the Real Estate Appraisal Management Company License History Request to us.
We will process the request within 5 days of receiving it. There is no fee for this request.
What do I need to do when my Appraisal Management Company will no longer be doing business in Washington?
The Department of Licensing Appraisal Management Companies Program requires you to fill out, sign, and send in the Designated Controlling Person Closing Company Affidavit.
You should contact the following agencies to find out what requirements they have:
- Department of Revenue Business License Services
- Secretary of State