What is a key characteristic of competence required from an appraiser?

A key characteristic of competence required from an appraiser is having technical knowledge specific to the property type being appraised. This technical knowledge encompasses an understanding of the unique attributes, characteristics, and valuation metrics pertinent to different kinds of properties, such as residential, commercial, or industrial real estate. Each property type can have its own set of challenges and evaluation criteria; therefore, the appraiser must possess expertise in the relevant aspects of that specific property type to deliver an accurate and credible appraisal.

Competence ensures that the appraiser is not only aware of basic appraisal principles but can also apply specialized knowledge effectively. This is crucial for making informed judgments about value, which can vary significantly between different property types due to factors such as location, purpose, market dynamics, and physical condition.

While familiarity with market trends, negotiation skills, and the ability to work quickly under pressure are valuable traits in the appraisal profession, they do not directly address the foundational technical knowledge necessary to conduct a competent appraisal. Thus, focusing on the specific technical aspects allows an appraiser to meet professional standards and provide reliable valuation services.