Question:

I have an assignment that involves a tract of land that is improved with two structures.  However, the client has requested that I appraise the underlying land and only one of the two structures, without mentioning the other structure.  Is it ethical to not disclose the presence of the second structure?

Response:

No. The Conduct section of the ETHICS RULE states:

An appraiser must not communicate assignment results in a misleading or fraudulent manner. An appraiser must not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report.

In the situation described, performing an appraisal without disclosing the existence of both structures in the report would be misleading.