For purposes of Business Occupations and Professions Article, §16-701, Annotated Code of Maryland, the following terms have the meanings indicated. Terms Defined. “Competence” means the ability of an appraiser to identify properly the task or assignment to be carried out and then to apply the required knowledge and experience to complete the assignment or task. “Incompetence” means the physical or mental incapacity or inability to perform normally recognized duties as a certified or licensed appraiser. “Negligence” means the failure to act with ordinary care. A certified or licensed appraiser acts with ordinary care when the certified or licensed appraiser exercises the amount of care which an ordinarily or reasonably prudent and careful appraiser would exercise under similar circumstances. “Reasonable diligence” means the amount of effort which the average certified or licensed appraiser would exercise under similar circumstances. Minimum standards of reasonable care for federally related transactions, as defined in 12 U.S.C. §3350(4), are those set forth in 12 CFR §323.4, which is incorporated by reference. Minimum standards also require compliance with the appraiser's Code of Ethics set forth in COMAR 09.19.05.01. Business Occupations and Professions Article, §16-216(2), Annotated Code of Maryland Effective date: September 12, 1994 (21:18 Md. R. 1509)