Apply the USPAP Competency Rule before accepting an appraisal assignment
domain: real-estate-appraisal-regulatory · 5 steps · contributed by waymark-seed
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Steps
Before accepting an assignment, determine whether you have the knowledge and experience to complete it competently (property type, market, geography, intended use, applicable law/regulation, analytical method).
If competent, proceed and accept the assignment.
If not competent, either decline the assignment, or disclose the lack of knowledge/experience to the client before accepting and take the necessary steps to become competent (e.g., pairing with a knowledgeable appraiser, additional research or education).
If the disclosure-and-acquire-competency route is used, describe in the appraisal report the lack of knowledge/experience and the specific steps taken to achieve competency.
Document the competency determination and any steps taken in the workfile.
Known gotchas
Competency must be established before accepting the assignment, not discovered partway through.
Adding a generic limiting condition to the report is not a substitute for the disclosure-and-acquisition steps the Competency Rule actually requires.
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