When is it acceptable for an appraiser to perform an assignment without the required competency?

The principle of competency in appraising is essential for maintaining the integrity and reliability of the appraisal process. An appraiser is expected to have the necessary knowledge, skills, and experience to complete an assignment competently. This requirement ensures that the appraised values are credible and that they meet the standards set by relevant authorities.

Declining the assignment when lacking the required competency is crucial. Performing an appraisal without the necessary qualifications can lead to inaccurate valuations, which can affect financial decisions, loan approvals, and market stability. Upholding competency requirements protects both the appraiser's reputation and the interests of clients and stakeholders involved in real estate transactions.

The other options introduce scenarios that might seem plausible but compromise the standards of professionalism. For instance, being supervised by an experienced appraiser or claiming emergency situations do not suffice as justifications for undertaking an assignment without the right level of competency. Similarly, relying on client assurance does not replace an appraiser's obligation to be fully competent in their work.