What is the forfeiture bond amount for an appraiser in New York?

In New York, the forfeiture bond amount for an appraiser is set at $1,000. This amount is a requirement designed to ensure that appraisers are held accountable for their work. The bond serves as a form of insurance that protects against potential losses resulting from the appraiser's negligence or misconduct. Having a forfeiture bond helps maintain ethical standards in the industry by providing a financial safety net for clients who may suffer damages due to improper appraisals. Other options reflect different amounts that do not align with the established requirement for appraisers, thereby solidifying the appropriateness of the $1,000 figure as the correct and legally mandated bond amount.