If an appraiser lacks the knowledge to complete an assignment competently, what must they do?

An appraiser is bound by professional standards and ethics, which emphasize the importance of competence in their assignments. When an appraiser recognizes that they lack the necessary knowledge to perform an appraisal competently, the ethical course of action is to disclose this lack of knowledge to the client. Transparency ensures that the client is fully informed about the appraiser's capabilities and can make an informed decision about whether to proceed with the assignment or seek assistance elsewhere.

This not only protects the integrity of the appraisal process but also maintains the trust that is vital in the client-appraiser relationship. By informing the client, the appraiser demonstrates a commitment to professional standards, which prioritize delivering accurate and reliable appraisals.

Completing additional training, seeking help from a more experienced appraiser, or declining the assignment altogether are also valid steps an appraiser might consider if they feel unprepared. However, the immediate action of communicating one's limitations to the client is essential for maintaining professionalism and ensuring the integrity of the appraisal process.