What must an appraiser ensure when conducting an appraisal for a new client on a previously appraised property?

When conducting an appraisal for a new client on a property that has been previously appraised, it is important for the appraiser to seek a release from the previous client if required. This is rooted in ethical considerations and the confidentiality obligations outlined in the Uniform Standards of Professional Appraisal Practice (USPAP).

Appraisers often have a fiduciary duty to protect the confidentiality of their previous clients' information. If the previous appraisal was conducted under a specific engagement agreement that includes confidentiality terms, the appraiser must ensure that they have the appropriate permission to disclose any relevant data or findings about the property to the new client. Failing to obtain this consent could lead to violations of privacy and confidentiality standards, which can have legal and professional implications.

In this context, appraisers are committed to professional behavior and must balance the needs of the current client with their obligations to the previous client. Seeking a release ensures all professional and ethical standards are maintained while providing accurate and relevant information to the new client.