What is the significance of the comment returned to the definition of "appraiser" in the 2024 USPAP?

The significance of the comment returned to the definition of "appraiser" in the 2024 USPAP is primarily centered on emphasizing the importance of competency expectations. This reflects a recognition that appraisers must possess the necessary skills, knowledge, and experience to perform their duties effectively and responsibly. By placing a strong focus on competency, the USPAP reinforces the idea that appraisers should consistently maintain and improve their expertise in order to provide reliable and credible valuations.

Additionally, this focus on competency aligns with the evolving standards within the appraisal profession, as well as the growing demands from clients and regulatory bodies for high-quality work. It stresses that appraisers must understand the ethical and technical aspects of their roles, ensuring that they offer sound, valid conclusions based on credible data and analysis. This emphasis ultimately serves to protect the integrity of the appraisal profession and the interests of the public.