New York Codes, Rules and Regulations
Title 19 - DEPARTMENT OF STATE
Chapter XXXI - Board of Real Estate Appraisal
Part 1101 - Scope Of Practice
Section 1101.3 - Scope of practice for a licensed residential real estate appraiser

Universal Citation: 19 NY Comp Codes Rules and Regs ยง 1101.3

Current through Register Vol. 46, No. 12, March 20, 2024

(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.

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