Who qualifies as an appraiser's peers according to appraisal standards?

The definition of an appraiser's peers, according to appraisal standards, specifically refers to those appraisers who possess expertise relevant to a similar assignment. This focus on expertise ensures that the peer review process is meaningful and constructive, as it allows for assessments and feedback based on specialized knowledge and experience related to the particular type of property or market conditions under consideration.

When appraisers engage with their peers who understand the nuances of similar assignments, the exchange of insights can enhance the reliability and credibility of the appraisal process. This could involve discussions around particular methodologies, local market trends, or specialized property features that are critical in forming accurate valuations.

In contrast, while all licensed appraisers are qualified professionals, not all possess the specific knowledge needed for every type of appraisal. Likewise, including any real estate professionals in the definition could dilute the precision and accuracy of the peer review process, as they may not have the same level of technical understanding required in appraisals. Additionally, merely having more experience does not equate to having relevant expertise in a specific assignment; thus, it does not meet the criteria for being considered a peer in this context.