Question:

How does an appraiser gain the knowledge and expertise required by the COMPETENCY RULE if he or she lacks the knowledge and experience to complete an assignment competently?

Response:

The COMPETENCY RULE requires an appraiser who lacks the knowledge and experience to complete an assignment competently to disclose the lack of knowledge and/or expertise to the client before accepting the assignment.  The appraiser must then take all steps necessary to appropriately complete the assignment competently and document the steps in the appraisal report.  An appraiser may gain the knowledge and expertise required through any or all of the following: personal study by the appraiser; association with an appraiser reasonably believed to have the necessary knowledge or experience; or, retention of others who possess the required knowledge or experience.  Refer to the COMPETENCY RULE for further guidance.