What action should an appraiser take if he lacks the necessary competency for an appraisal assignment?

An appraiser who finds themselves lacking the necessary competency for a specific appraisal assignment should ideally seek to acquire that competency or, if that isn’t feasible, decline the assignment. This approach is essential because it upholds the integrity of the appraisal profession and ensures that appraisals are completed accurately and reliably. The appraiser must assess whether they can gain the required knowledge or skills in a reasonable time frame, as well as weigh the importance of providing a credible appraisal.

By acquiring the necessary competency, the appraiser demonstrates a commitment to professional development and ethical standards, ensuring that they can deliver an appraisal that meets the standards of the profession and protects the interests of all parties involved. If they determine that gaining competency isn't practicable or timely, declining the assignment helps maintain high standards in the appraisal process. This option protects both the appraiser and the integrity of the appraisal itself.