N.Y. Executive Law 160-Y – Contingent fees
§ 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.
Terms Used In N.Y. Executive Law 160-Y
- Analysis: is a study of real estate or real property other than estimating value. See N.Y. Executive Law 160-A
- Appraisal: A determination of property value.
- Real estate: means an identified parcel or tract of land, including improvements, if any. See N.Y. Executive Law 160-A
- Valuation: is a n estimate of the value of real estate or real property. See N.Y. Executive Law 160-A
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.