§ 160-Y — Contingent fees

§ 160-y. Contingent fees. 1. A state certified or licensed real estate\nappraiser may not accept a fee for an appraisal assignment as defined in\nsection one hundred sixty-x of this article, that is contingent upon the\nappraiser reporting a predetermined estimate, analysis, or opinion or is\ncontingent upon the opinion, conclusion or valuation reached, or upon\nthe consequences resulting from the appraisal assignment.\n 2. A state certified or licensed real estate appraiser who enters into\nan agreement to perform specialized services, as defined in section one\nhundred sixty-x of this article, may be paid a fixed fee or a fee that\nis contingent on the results achieved by the specialized services.\n 3. If a state certified or licensed real estate appraiser enters into\nan agreement to perform specialized services for a contingent fee, this\nfact shall be clearly stated in each written report. In each written\nreport, this fact shall be clearly stated in a prominent location in\nsuch report and also in each letter of transmittal and in the\ncertification or authentication of the statements made by the appraiser\nin such a report.\n