What must an appraiser do if they lack the knowledge and experience to competently complete an assignment?

The correct approach for an appraiser who lacks the necessary knowledge and experience to competently complete an assignment is to disclose this to the client before agreeing to take on the task. This practice aligns with ethical standards and the expectations of professionalism within the appraisal industry. Openly communicating about one's limitations allows the client to make informed decisions regarding their selection of an appraiser and ensures transparency in the professional relationship.

This disclosure is critical because it highlights the importance of competency in appraisal assignments, as stipulated by industry standards and guidelines. Competency is a fundamental principle, and appraisers are obligated to evaluate whether they have the requisite expertise. By being upfront about their limitations, appraisers can maintain credibility and trust with clients, which is essential for long-term professional relationships.

Although seeking mentorship or guidance from a more experienced appraiser could be beneficial, it does not directly address the immediate need for clear communication with the client regarding one's capabilities at the outset of the assignment. Similarly, declining the assignment may be an option, but it is more beneficial to inform the client of any lack of competency, allowing them the opportunity to either move forward with another appraiser or to have that conversation about potential suited collaborations. Providing a disclaimer in the report can also be a consideration after the fact,