What should an appraiser do if they have prior knowledge of a property's inspection when approached for a new appraisal assignment?

Including the previous inspection in the appraisal report is essential to comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP emphasizes the importance of transparency and full disclosure in the appraisal process. If an appraiser has prior knowledge of a property's inspection, this information is relevant and can impact the appraisal's outcome. By including this information, the appraiser adheres to ethical guidelines that promote honesty and integrity.

Additionally, documenting and disclosing prior inspections allows all stakeholders, including clients and any users of the appraisal report, to understand the context and any potential impacts this previous work may have on the current appraisal value. This level of detail supports the credibility and reliability of the appraisal and shows compliance with ethical obligations to avoid misrepresentation of any pertinent facts.

In contrast, options that suggest limited disclosure or ignoring the fact can lead to potential conflicts, misunderstandings, or ethical violations, as stakeholders may not have a complete picture of the property's history and condition.