N.Y.
Executive Law Section 160-X
Classification of services
1.
A client or employer may retain or employ a state certified or licensed real estate appraiser to act as a disinterested third party in rendering an unbiased estimate of value or analysis. A client or employer may also retain or employ a state certified or licensed real estate appraiser to provide specialized services to facilitate the client’s or employer’s objectives. In either case, the appraisal and the appraisal report must comply with the provisions of this article.2.
For the purposes of this article, the term “appraisal assignment” means an engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested third party in rendering an unbiased analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate.3.
For the purposes of this article, the term “specialized services” means those appraisal services which do not fall within the definition of appraisal assignment. The term “specialized services” may include valuation work and analysis work. Regardless of the intention of the client or employer, if the state certified or licensed real estate appraiser would be perceived by third parties or the public as acting as a disinterested third party in rendering an unbiased analysis, opinion or conclusion, the work is classified as an appraisal assignment and not “specialized services”.
Source:
Section 160-X — Classification of services, https://www.nysenate.gov/legislation/laws/EXC/160-X (updated Sep. 22, 2014; accessed Oct. 26, 2024).
