N.Y.
Executive Law Section 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 § 160-X (Classification of services)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 § 160-X (Classification of services)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.
Source:
Section 160-Y — Contingent fees, https://www.nysenate.gov/legislation/laws/EXC/160-Y (updated Sep. 22, 2014; accessed Dec. 21, 2024).
