What is the fundamental concept that defines an appraiser?

The fundamental concept that defines an appraiser is competency. Competency encompasses the skills, knowledge, and qualifications that an appraiser must possess to perform appraisal assignments effectively and ethically. According to the Uniform Standards of Professional Appraisal Practice (USPAP), appraisers are required to demonstrate competency in the appraisals they undertake, ensuring they have an adequate understanding of the relevant market, property types, and methodologies.

Competency is essential because it ensures that the appraiser can deliver trustworthy and defensible opinions of value. An appraiser's ability to analyze data, understand market conditions, and communicate findings relies heavily on their competency in the field. USPAP emphasizes the importance of ongoing education and training to maintain and enhance competency, which is crucial for providing credible appraisal services.

While objectivity, experience, and confidentiality are significant attributes for appraisers, they are secondary to the overall requirement of being competent in conducting appraisals. Objectivity refers to impartiality and the avoidance of bias, experience contributes to the depth of understanding in practice, and confidentiality relates to protecting client information. However, none of these can substitute for the foundational necessity of having the requisite competency to perform appraisal work appropriately.