Certified Pennsylvania Evaluator Practice Exam

What is required for an appraiser before accepting an assignment?

1. Be financially independent

2. Be competent to perform the assignment

3. Have a minimum of five years experience

4. Be licensed in all states where properties are located

The correct answer is: Be competent to perform the assignment

Before accepting an appraisal assignment, an appraiser must demonstrate competence related to the particular assignment they are undertaking. Competence encompasses not only having the appropriate qualifications and certifications, but also possessing sufficient knowledge, skill, and experience pertinent to the specific property type and market conditions in which they operate. This requirement ensures that the appraiser can provide a credible and accurate valuation, which is essential for maintaining the integrity and reliability of the appraisal process. While factors such as financial independence, years of experience, and licensing may play a role in an appraiser's overall qualifications or capability to conduct business, the essential requirement before taking on an assignment is evident in their ability to competently assess the property in question. Therefore, demonstrating competence is crucial for ensuring professional and high-quality appraisal work.