Frequently asked questions: Appraisal management companies
Who needs a license?
Any appraisal management company that contracts with Washington appraisers for appraisal services in Washington State. 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.
- Submit fingerprints for background checks on:
- The company’s designated controlling person.
- Owners of 10% or more of the company.
- See Fingerprinting and background checks for more information.
- 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?
2 years.
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?
You must complete, sign, and send in the Designated Controlling Person Closing Company Affidavit.
You should also contact the following agencies to find out what requirements they have:
- Department of Revenue Business License Services
1.800.451.7985 - Secretary of State
360.725.0377
