If a client requests a more current valuation on a property that was appraised previously, what type of assignment is this considered?

A request for a more current valuation on a property that has been appraised previously is categorized as a new assignment. This distinction is key because the client is looking for an updated analysis and opinion of value based on potentially changed market conditions, property improvements, or other relevant factors since the last appraisal.

A new assignment implies that the appraiser must conduct a fresh analysis, including gathering new data, possibly performing a new inspection of the property, and applying current methodologies to arrive at the valuation. The appraiser must also ensure compliance with all applicable standards and regulations at the time of the new appraisal.

Understanding this designation is significant because it influences how the appraiser approaches the task, including the level of detail required in the report and the time frame necessary to complete the assignment effectively.