An appraiser accepts a desktop assignment on a property type they have never valued. What applies?
Correct Answer
C) Competency must be gained or the gap disclosed
Why this is correct: The Competency Rule applies to all assignments, regardless of inspection method. It requires the appraiser to be competent in the property type, market, and assignment type. If competency is lacking, the appraiser must gain it, associate with a competent appraiser, or disclose the lack and take steps to complete the assignment competently. Why the other choices are wrong: Desktop work is not exempt from competency requirements. The data collector's expertise does not transfer to the appraiser's competency. Competency attaches to the entire assignment, not just inspection technique. Exam tip: Competency is about knowledge, not method; it must be addressed before accepting any assignment.
Why This Is the Correct Answer
Why this is correct: The Competency Rule applies to all assignments, regardless of inspection method. It requires the appraiser to be competent in the property type, market, and assignment type. If competency is lacking, the appraiser must gain it, associate with a competent appraiser, or disclose the lack and take steps to complete the assignment competently. Why the other choices are wrong: Desktop work is not exempt from competency requirements. The data collector's expertise does not transfer to the appraiser's competency. Competency attaches to the entire assignment, not just inspection technique. Exam tip: Competency is about knowledge, not method; it must be addressed before accepting any assignment.
More emerging-appraisal-methods Questions
An appraiser consults a geographic information system for parcel boundaries. What limitation applies?
How does an alternative inspection method affect the appraiser's disclosure obligations?
A collector's photographs show a condition the appraiser believes needs specialist assessment. What is the appropriate step?
What responsibility does an appraiser retain for an error originating in a third-party database?
Under current USPAP guidance, what is the output of an automated valuation model before an appraiser analyzes it?
A lender's guidelines require an interior inspection, but the client asks for a desktop product to save time. What should the appraiser do?
How should an appraiser respond to a client requesting a shorter turn time than credible results allow?
Which assignment type still requires the appraiser to develop an opinion of value?
An appraiser relies on a published capitalization rate survey. What must be considered?
A model returns an estimate far from the appraiser's own conclusion. What is the appropriate response?
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