The Analogue Blog
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Who Needs Evidence!?
We hear a lot about evidence. For valuation, there may be two relevant definitions. One would be the legal concept, the other being the “support” required to be credible, “worthy of belief.” In the law, evidence is factual information. It can be testimony, documents, physical, demonstrative, or circumstantial. Relevance can be probabilistic. Colloquially, evidence is […]
Why Evidence Based Valuation pt.1?
Evidence-Based Valuation Enforcement is the topic of the Appraisal Institute’s June 22 News Release. Read the original AI news release here. This recognition is immensely gratifying to me. As many of you know, I have been an advocate of EBV (Evidence Based Valuation)© for some 20 years, since I was on the Appraisal Institute’s curriculum […]
New Appraisers Old Ways?
Let’s get new critical! Today there is a confluence of three public policy issues around collateral appraisal. And what has been argued as the failure of American “appraisal reform” policy. They are: The dissonance between Technology, existing practice and published standards The aging and depletion of the existing supply of appraisers The failed effort regarding […]
Tech This — Tech What?
Technology Tech is all the rage. Some people have opinions. Some are experts. I find that anytime a topic becomes “pop,” suddenly there are a lot of experts with proclamations and declarations. Then I look up the word. Often, the writer never bothered to see what the word actually means. So I looked up and […]
Technology and Evidence?
Technology you buy? Or technology you sell? EBV, Evidence Based Valuation© is applied technology. The modern – today – version comprises AI, Data Science, and micro-economic theory. There are two main types of artificial intelligence: Generative AI – Used for new content creation, creative pursuits, and personalized experiences. Analytic AI – Used for data-driven decision-making, […]
Tech Tools: Now or Later?
We have a conflict – apply new tools and tech – now or later? Public policy on home ownership appraisal is controlled by the non-profit Appraisal Foundation’s (AF) standards (USPAP), and licensing curricula. The uniform standards, unfortunately, are not uniformly nor fairly enforced (a topic for later in this series). The most current advice from […]
Technology and Standards: Enemies?
The Appraisal Foundation Advisory Opinion 41 is about “when technology is used” in an appraisal. Is this a solution seeking a problem? (I use “technology” in every appraisal.) A snippy response might note that the modern electronic typewriter, with built-in whiteout ribbon, is technology – as is the modern ten-key calculator. We have always used […]
What are Technology Tools?
Lately, the word “technology” has been making the rounds. Partly this was triggered by the GSEs (Fannie/Freddie) “modernized” report requirements. The Appraisal Foundation also recently released its new 14 page Advisory Opinion 41 (AO41): Use of Technology in an Appraisal or Appraisal Review Assignment. The object is to “address the appraiser’s responsibilities” – under USPAP […]
Appraisal Technology — a Public Policy?
Issues of housing, homelessness, wealth, technology, and appraisal — these may seem unrelated, yet they are. Public policy, albeit well-intentioned, has established a complex, convoluted, expensive, and confounding construct — a contraption that subtly affects every citizen (and non-citizen) who lives, eats, and works in our society. Yes – appraisal is important. Can it be […]
An Ethical Technical?
It seems that lately, we hear about mythical ethical. And of magical technical. We have ethical rules. And technical tools. We have Standards, Advisories, Guidelines, Users’ expectations, Peers’ actions, “approved” curriculum, seminars, classes, textbooks, and admonitions for “recognized methods and techniques,” “correct research and analysis,” “sufficient care,” “diligence,” and above all – do not be […]
What is Evidence Based Valuation?
EBV© (Evidence Based Valuation) was created to update the appraisal process to modern standards. The appraisal process, and appraisal standards were built to accommodate yesterday’s difficult and sparse data. Just collecting the data was 80% of the work. Who you knew was as important as what you knew. The process was simple: 1) collect some […]
A Market Analysis Approach?
Market Analysis Approach. A Heresy! Who does he think he is? Everyone knows there are three approaches. Everyone. It’s in the book. It’s in the classes. It’s in USPAP. Clients require it. It’s in state regulations. It’s the law. It’s not true. There are other ways. It’s not true . . . It depends. It […]
USPAP Missing Data?
Appraisal education, practice, and standards have not kept up with changes in data, computation, and communication. Scope of work is supposed to include the extent of: Property identification Property inspection Data researched Analysis used There is a missing piece. This piece is ignored, avoided, deflected, and denied. The substitute is “my experience, superior knowledge, and […]
Measure Credibility?
Credibility is defined as “worthy of belief.” The entire foundation of legacy appraisal practice and standards is “credible.” The word “credible” is found 289 times in my most recent USPAP edition (Uniform Standards of Professional Appraisal Practice). Wow. It must be important! The word “worthy” is found only once! And that is to help define […]
A Big Scope of Scope?
Scope of Work for an appraiser is an overriding consideration. In USPAP (Uniform Standards of Professional Appraisal Practice) it is nicely described. Once the “problem to be solved” is identified, the appraiser is to: Determine work necessary to solve the problem; Correctly complete research; Correctly complete analysis; Produce a credible These words seem obvious and […]