Technology in appraisal is the new exposure draft — Advisory Opinion (AO41) written by the Appraisal Foundation (Appraisal Standards Board). It does not define what technology is. More importantly, it seems to treat process technologies and product technologies without distinction. Appraisers mostly buy products (like measuring devices), and mostly sell data process technologies (like analytics, […]
Artificial intelligence is a blinding light through a stormy hole in the sky. Punctuated at times by lightning bolts. People yelling “look out.” All this, in a world of UAD and “new” requirements like for time adjustment! Whew! Gonna quit. Gonna retire. Gonna see. Gonna wait. Let’s see how it goes. Fight, flight, or freeze? […]
Intelligence appraisal does not appear in a vacuum. The process follows the same sequence as does the traditional paradigm. The difference is in the tools, the technology, AI, and a sharpening of judgment in the underlying econometric theory. Intelligence Appraisal incorporates Evidence Based Valuation – EBV. Appraiser experience in legacy routine and thinking are the […]
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 […]
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 […]
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 […]
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 […]
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 […]