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, visit RCW 18.310: Appraisal management companies.
How do I setup access to my online account?
Follow the instructions on the how to set up account access page.
How do I get license application forms?
Log in or sign up to check out the many things you can do online. For Designated Controlling Person and Owner forms that are still required to be uploaded, use the forms to get the applications you need, provide a surety bond, and to close your company. You may also manage your license online Log in or sign up to get started.
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?
Your license is valid for 1 year. However if your surety bond lapses, your license will be inactive until you send in proof of a new bond. Companies offering surety bonds don't provide updates directly to the Department.
What do I need to do when my Appraisal Management Company will no longer be doing business in Washington?
The Designated Controlling Person on file must complete, sign, and send in the Designated Controlling Person Closing Company Affidavit. You can mail it to the address on the form along with your license or log in or sign up to close your business. We will process the request and cancel the Appraisal Management Company's license effective the date we process it or the date you specify.
You should also contact the following agencies to find out what requirements they have:
- Department of Revenue Business License Services
360.705.6741 - Secretary of State
360.725.0377
Questions? Need help?
- Email us: dolbpdamc@dol.wa.gov
- Call us: 360.664.6504
