Is it true that appraisers are expected to be aware of all laws and regulations applicable to an assignment?

The assertion that appraisers are expected to be aware of all laws and regulations applicable to an assignment is indeed true. Appraisers are required to understand and comply with a broad range of laws, including federal, state, and local regulations, as well as any specific guidelines related to the real estate industry and appraisal practices.

Being knowledgeable about all applicable laws ensures that appraisers conduct their work ethically and legally, which is a vital aspect of maintaining professionalism in the field. This awareness helps in avoiding legal pitfalls and ensures that the appraisal is conducted within the framework of relevant regulations. Therefore, the correct understanding recognizes that appraisers have a responsibility to be informed about the full spectrum of laws applicable to their assignments, not just a limited scope.