Important Updates

The appraiser must determine, prior to accepting an assignment, that he or she can perform the assignment competently.

Competency requires: Being Competent

1. the ability to properly identify the problem to be addressed; and

2. the knowledge and experience to complete the assignment competently; and

3. recognition of, and compliance with, laws and regulations that apply to the appraiser or to the assignment.  

Comment: Competency may apply to factors such as, but not limited to, an appraiser’s familiarity with a specific type of property or asset, a market, a geographic area, an intended use, specific laws and regulations, or an analytical method. If such a factor is necessary for an appraiser to develop credible assignment results, the appraiser is responsible for having the competency to address that factor or for following the steps outlined below to satisfy this COMPETENCY RULE.

For assignments with retrospective opinions and conclusions, the appraiser must meet the requirements of this COMPETENCY RULE at the time of the assignment, rather than the effective date.