What does the competency rule forbid appraisers from doing?

The competency rule is a fundamental guideline established for appraisers to ensure that they maintain a high standard of professionalism and ethics in their work. This rule specifically prohibits appraisers from accepting assignments for which they lack the necessary qualifications or expertise. The intent behind this prohibition is to safeguard the integrity of the appraisal process and to assure clients that appraisals are conducted by individuals who possess the appropriate knowledge, skills, and experience related to the specific property type and market conditions.

By only taking on assignments that align with their qualifications, appraisers can deliver accurate and reliable appraisals. This not only protects the interests of clients but also upholds the overall credibility of the appraisal profession. Accepting assignments beyond their competency could lead to inaccurate valuations, misrepresentation of property values, or legal issues, which the competency rule seeks to avoid.

While options related to charging fees or working without a license address important aspects of professional conduct, they do not directly pertain to the core principle of competency. Thus, the heart of the competency rule focuses specifically on ensuring appraisers operate within the boundaries of their expertise.