§ 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.