Competent appraisal practice

Question 1

When a client engages an appraiser, the individual must:

Answer 1

 Be proficient to complete the assigned work.
 Attain the needed proficiency to complete the work
 Turn down the engagement or stop the assignment if already underway

Question 2

Competency requires

Answer 2

 Being able to correct the problem solved.
 Having the correct training, information, and work experience to complete the assigned work in a competent manner.
 Being aware of and observing laws, regulations, requirements relating to the appraiser or assigned work

Question 3

Competency apply to a number of factors

Answer 3

	property types
	a market 
	a geographic location
	intended use
	Laws, regulations, and client requirements that may apply 
	Analytical methods and procedures

Question 4

If not competent, the appraiser has 3 obligations (BLUE)

Answer 4

 Disclose competency issues in the written report and identify the steps taken to satisfy the appraisers lack of knowledge and/or experience in that particular assignment.

Question 5

When an appraiser is working on an existing assignment and determines he or she cannot complete the assignment competently, the appraiser must

Answer 5

cease work and inform the client of that determination.