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In developing a personal property appraisal,
an appraiser must:
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(a) |
be aware of, understand,
and correctly employ those recognized methods and techniques that are
necessary to produce a credible appraisal;
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Comment:
This Standards Rule recognizes that the principle of change continues
to affect the manner in which appraisers perform appraisal services. Changes
and developments in personal property practice have a substantial impact
on the appraisal profession. Important changes in the cost and manner
of acquiring, producing, and marketing personal property and changes in
the legal framework in which property rights and interests are created,
marketed, conveyed, and financed have resulted in corresponding changes
in appraisal theory and practice. Social change has also had an effect
on appraisal theory and practice. To keep abreast of these changes and
developments, the appraisal profession reviews and revises appraisal methods
and techniques and develops methods and techniques to meet new circumstances.
For this reason, it is not sufficient for appraisers to simply maintain
the skills and the knowledge they possess when they become appraisers.
Each appraiser must continuously improve his or her skills to remain proficient
in personal property appraisal.
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(b) |
not commit a substantial
error of omission or commission that significantly affects an appraisal;
and
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Comment:
An appraiser must use sufficient care to avoid errors that would significantly
affect his or her opinions and conclusions. Diligence is required to identify
and analyze the factors, conditions, data, and other information that
would have a significant effect on the credibility of the assignment results.
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(c) |
not render appraisal services
in a careless or negligent manner, such as by making a series of errors
that, although individually might not significantly affect the results
of an appraisal, in the aggregate affect the credibility of those results.
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Comment:
Perfection is impossible to attain, and competence does not require perfection.
However, an appraiser must not render appraisal services in a careless
or negligent manner. This Standards Rule requires an appraiser to use
due diligence and due care. |
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