Appraisal Management Company (AMC) Initial / Annual Registration Application - Rhode Island

Appraisal Management Company (AMC) Initial/Annual Registration Application is a legal document that was released by the Rhode Island Department of Business Regulation - a government authority operating within Rhode Island.

FAQ

Q: What is an Appraisal Management Company (AMC)?A: An Appraisal Management Company (AMC) is a company that handles the administration and management of real estate appraisals.

Q: Why do Appraisal Management Companies need to register in Rhode Island?A: Appraisal Management Companies need to register in Rhode Island to operate legally and comply with state regulations.

Q: Who needs to submit the Initial/Annual Registration Application?A: Appraisal Management Companies operating in Rhode Island need to submit the Initial/Annual Registration Application.

Q: What information is required in the registration application?A: The registration application requires information about the company's name, address, contact information, officers, and any disciplinary actions against the company.

Q: How often do Appraisal Management Companies need to renew their registration?A: Appraisal Management Companies need to renew their registration annually.

Q: Are there any additional requirements for Appraisal Management Companies in Rhode Island?A: Yes, Appraisal Management Companies in Rhode Island must maintain a minimum net worth of $25,000 and have a designated state-licensed appraiser on staff.

Q: What happens if an Appraisal Management Company fails to register?A: If an Appraisal Management Company fails to register in Rhode Island, they may face penalties and legal consequences.