What is the role of a designated appraiser in a firm?

The designated appraiser plays a critical role in a firm as they are a licensed professional specifically authorized to perform appraisals on behalf of the firm. This designation indicates that they have met all educational and experience requirements necessary to hold a license and have the expertise to deliver credible appraisal reports.

In this capacity, the designated appraiser is often responsible for ensuring compliance with relevant laws and regulations, overseeing the quality of the appraisals produced, and serving as a point of contact for clients and regulatory bodies. Their role is essential in maintaining the professional standards of the firm and ensuring that appraisals are not only accurate but also ethically sound.

While other roles such as overseeing junior appraisers or providing consultation might exist within the firm, they do not capture the full scope and responsibilities associated with being a designated appraiser. The designated appraiser is fundamentally the individual who directly conducts the appraisal work, which is crucial for the firm’s operation and credibility in the marketplace.