N.Y. Comp. Codes R. & Regs. tit. 19 § 1101.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 1101.3 - Scope of practice for a licensed residential real estate appraiser

(a) The scope of practice for a licensed residential real estate appraiser is limited to the appraisal of non-complex 1-4 family residential units having a transaction value of less than $1,000,000 and complex 1-4 family residential units having a transaction value of less than $250,000.

(b) The scope of practice for a licensed residential real estate appraiser includes the appraisal of vacant or unimproved land that is to be utilized for a 1-4 family residential unit or vacant or unimproved land for which the highest and best use is a 1-4 family residential unit. In either case, the scope of practice is limited to the appraisal of vacant or unimproved land having a transaction value of less than $1,000,000.

N.Y. Comp. Codes R. & Regs. Tit. 19 § 1101.3