The USPAP Competency RuleBy
The USPAP Competency Rule requires that, prior to accepting an assignment or entering into an agreement to perform any assignment, an appraiser must determine that he or she can perform the assignment competently. To be competent, the appraiser must be able to properly identify the problem to be addressed, posses the knowledge and experience to complete the assignment competently, and be able to recognize laws and regulations that apply to the assignment.
If the appraiser does not believe he or she is competent to perform the assignment, the appraiser must disclose the lack of knowledge to the client, take steps to complete the assignment competently, and describe the lack of knowledge and or experience and the steps take to complete the assignment competently in the report. The Competency Rule also states that if facts or conditions are discovered during the course of the assignment that indicate the appraiser does not have the knowledge and experience to complete the assignment competently, the appraiser must notify the client and follow the above steps.
Competency can apply to geographic area, market area, property type, or appraisal methodology.