Section 160-X. Classification of services  


Latest version.
  • 1.  A  client  or employer may
      retain or employ a state certified or licensed real estate appraiser  to
      act  as a disinterested third party in rendering an unbiased estimate of
      value or analysis. A client or employer may  also  retain  or  employ  a
      state certified or licensed real estate appraiser to provide specialized
      services  to facilitate the client's or employer's objectives. In either
      case, the appraisal and  the  appraisal  report  must  comply  with  the
      provisions of this article.
        2.  For  the purposes of this article, the term "appraisal assignment"
      means an engagement for which an appraiser is employed  or  retained  to
      act,  or would be perceived by third parties or the public as acting, as
      a disinterested third party in rendering an unbiased  analysis,  opinion
      or  conclusion  relating  to  the  nature,  quality, value or utility of
      specified interests in, or aspects of, identified real estate.
        3. For the purposes of this article, the term  "specialized  services"
      means  those  appraisal services which do not fall within the definition
      of appraisal assignment. The term  "specialized  services"  may  include
      valuation  work  and  analysis  work. Regardless of the intention of the
      client or employer, if the  state  certified  or  licensed  real  estate
      appraiser would be perceived by third parties or the public as acting as
      a  disinterested  third party in rendering an unbiased analysis, opinion
      or conclusion, the work is classified as an appraisal assignment and not
      "specialized services".