What must appraisers intentionally recognize according to the COMPETENCY RULE?

The COMPETENCY RULE established by the Uniform Standards of Professional Appraisal Practice (USPAP) emphasizes that appraisers must have the requisite knowledge and experience to properly complete the appraisal assignment. This includes understanding and complying with various laws and regulations that govern appraisal practice. Compliance is critical because appraisers are responsible for ensuring that their work adheres to the legal standards, ethical guidelines, and regulatory requirements relevant to their specific geographical area and the type of property being appraised. Ignoring these legal aspects could lead to not only invalid appraisals but also potential legal repercussions for the appraiser.

While understanding market trends, new appraisal technologies, and the importance of networking can contribute to an appraiser's overall competency, they do not carry the same weight as the necessity for compliance with laws and regulations, which is fundamental to ethical practice in the field.