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Division of
Professional Regulation

Appraisal Management Company



When to File

File this application for registration as an Appraisal Management Company in Delaware when the business:

  • engages (or tries to engage) directly or indirectly in business as an appraisal management company, or
  • performs (or tries to perform) directly or indirectly appraisal management services, or
  • advertises or holds itself out as engaging in or conducting business as an appraisal management company.

If the company has more than one office that will conduct business in Delaware, only one registration is required for all of the offices.

Do not file this application when a business employs real estate appraisers to perform all real property appraisal services in the normal course of its business and is responsible for ensuring that its employees perform the services in accordance with Uniform Standards of Professional Appraisal Practice and federal and state law (24 Del. C. §4023). Such businesses are not required to register as appraisal management companies.

 

Controlling Person Requirements

Each appraisal management company applying for Delaware registration must designate one person who will be the contact for all communication between the Council and the appraisal management company. This contact person is termed the controlling person.

To serve as an appraisal management company’s controlling person, the person selected must

  • meet the requirements in 24 Del. C. § 4002 (10)
  • arrange for the Council office to receive State of Delaware and Federal Bureau of Investigation criminal history records
  • certify to the Council that no financial, real estate or mortgage lending industry license or certificate issued to them by any state (including Delaware) has ever been refused, denied, canceled, revoked or voluntarily surrendered, unless the license or certificate was later granted or reinstated.

NOTICE TO APPRAISAL MANAGEMENT COMPANY OWNERS AND CONTROLLING PERSONS

No person who owns more than 10% of an appraisal management company or who is a principal of the company or who is its controlling person (as defined above) may have had any financial, real estate or mortgage lending industry license or certificate refused, denied, canceled, revoked or voluntarily surrendered in any state (including Delaware) unless the license or certificate was later granted or reinstated. At its discretion, the Council may waive this requirement by appeal.

 

Requirements for All Applications

  • Enclose the non-refundable processing fee by check or money order made payable to the “State of Delaware.”
  • Arrange for the Council office to receive proof of a surety bond in the amount of at least $20,000.
  • Submit a Certificate of Individual form completed and signed by the appraisal management company’s controlling person and each person who owns more than 10% of the company.
    • The form included with this application may be copied. It is also available on the Council’s Forms page.
    • The appraisal management company controlling person and each person that owns more than 10% of the company must sign his or her own Certificate of Individual forms before a notary.
  • Arrange for the Council office to receive State of Delaware and Federal Bureau of Investigation criminal history records on the controlling person and each person who owns more than 10% of the appraisal management company.
    • The controlling person and each person who owns more than 10% of the business must complete the Criminal History Record Check Authorization form included with the application and follow the instructions on the form to arrange to be fingerprinted. Submit the forms and payment to the State Bureau of Identification (SBI). Do not send these forms to the Council office!
    • Allow at least four weeks for the SBI to send criminal history records to the Council office.
    • A new criminal background check is required even if the person recently had a criminal background check done for some other reason.
  • If the company has ever held any other license to engage in appraisal management services in any jurisdiction (state, U.S. territory or District of Columbia), arrange for the Council office to receive a license verification from each jurisdiction, sent directly from the jurisdiction to the Board office.

 

Reporting Changes

An owner or controlling person of an Appraisal Management Company must notify the Council office of the following events.

  • Notify the Council office in writing within ten days of any change in the company’s owners or controlling person (as defined above).
  • If the change involves a new controlling person or owner who owns more than 10% of the business and who has not previously submitted a Certificate of Individual form, the new controlling person or owner must complete, sign and submit a Certificate of Individual form.
    • If the change involves a new controlling person or owner who owns more than 10% of the business who has not previously submitted State of Delaware and Federal Bureau of Investigation criminal background checks, the new controlling person or owner must complete the Criminal History Record Check Authorization form and follow the instructions on the form to arrange to be fingerprinted.

    Example:  A new controlling person is named.  He or she must submit a Certificate of Individual form to the Council office and arrange for the Council office to receive State of Delaware and Federal Bureau of Investigation criminal background checks.

  • Notify the Council office in writing within three days after the arrest of the company’s controlling person or any of the company’s owners for any crime other than minor traffic violations.
  • If the business is a corporation not domiciled in Delaware, notify the Council office in writing within ten days if the company’s registered agent for service of process in Delaware changes.

If the ownership of the business changes, a new application is required.

Example:  The business is sold to new owners.  The new owners must file a new application.  As part of the new application, the new owners and selected controlling person must submit Certificate of Individual forms to the Council office and arrange for the Council office to receive State of Delaware and Federal Bureau of Investigation criminal background checks.

 

 

Renewing Registrations

Appraisal management company registrations expire on October 31 of odd years.  See License Renewal for more information.


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