ยง 160-y. Contingent fees. 1. A state certified or licensed real estate
appraiser may not accept a fee for an appraisal assignment as defined in
section one hundred sixty-x of this article, that is contingent upon the
appraiser reporting a predetermined estimate, analysis, or opinion or is
contingent upon the opinion, conclusion or valuation reached, or upon
the consequences resulting from the appraisal assignment.
2. A state certified or licensed real estate appraiser who enters into
an agreement to perform specialized services, as defined in section one
hundred sixty-x of this article, may be paid a fixed fee or a fee that
is contingent on the results achieved by the specialized services.
3. If a state certified or licensed real estate appraiser enters into
an agreement to perform specialized services for a contingent fee, this
fact shall be clearly stated in each written report. In each written
report, this fact shall be clearly stated in a prominent location in
such report and also in each letter of transmittal and in the
certification or authentication of the statements made by the appraiser
in such a report.
Structure New York Laws
Article 6-E - State Certified and Licensed Real Estate Appraisers
160-C - State Board of Real Estate Appraisal.
160-E - Powers of the Department.
160-G - Certification and Licensing Process.
160-H - Licenses and Certifications.
160-I - Examination Requirement.
160-J - Examination Prerequisites.
160-K - Experience Requirement.
160-L - Terms of Registration.
160-M - Nonresident Certification and Licensing.
160-N - Nonresident Certification and Licensing by Reciprocity.
160-O - Renewal Certificate or License.
160-Q - Principal Place of Business.
160-R - Certificate or License.
160-U - Disciplinary Proceedings.
160-W - Hearing and Judicial Review.
160-X - Classification of Services.