Technology in appraisals AO 41

[Fernando]

Why USPAP Uses “Peers” Instead of a Fixed Standard​

Appraisal practice varies by:

• property type,
• market,
• assignment conditions,
• available data,
• intended use.

USPAP avoids rigid rules and instead uses peer behavior as the benchmark for credibility and reasonableness.

This keeps USPAP flexible but still enforceable.

 

[Vermonter]

Why don't you ask AI what was wrong with your first post from a USPAP perspective?

 

[glenn walker]

And this is why DEI is detrimental to the profession

25 to 40 years ago 90% were just checking R-1 for single family and C-1 for commercial. The profession actually advanced when most did start using zoning maps.

Realist is not specific Zoning but how the property is taxed. Individual sites have to be based on specific zoning and land use BUT many think Realist is the actual zoning. It can be but a 50/50 shot.

 

[Fernando]

I never been called out for my zoning information because I verify as y'all know. Sometimes asking AI.
For those who rely on Realist, do y'all get call out when not accurate.
If not, peer way of getting Realist info is acceptable.

 

[Bobby Bucks]

Fernando I suggest you send USPAP an email and ask for a clarification, I think in this matter you’re right and the MAGAs are wrong.

 

[Fernando]

"My father was very healthy, and he taught my sister and I that you are what you eat, and you are what you think, and I've tried to live by those two things, really and truly, because if you think you're dumb, guess what? You're probably dumb. If you think you're smart, then you're probably smart," McConaughey said. "So I have always thought I am what I think, and that's why I think positive."

ACTOR MATTHEW McCONAUGHEY'S WORDS TO LIVE BY FOR EVERYONE.

 

[George Hatch]

If I can go directly to the source for free then why would I patronize any 3rd party for that info?

 

[Fernando]

If I can go directly to the source for free then why would I patronize any 3rd party for that info?

Then why do lenders pay 3rd party sources for flood certificate? Can't lenders go directly to the source?

 

[George Hatch]

Lenders are making a loan decision and considering the purchase of insurance. I'm only appraising the property and using the flood info in my valuation (same as my usage of zoning info for my HBU analysis). My flood info shows the map, not just the panel number. If I had a question I could go to the source for further inquiry.

I have no reason to inquire about the polling on general consensus of the info that the AI Vomitron will return. It's not a beauty contest or an election where the majority wins. Just like I have no reason to ask the AI Vomitron which is polling 3rd party articles on what USPAP means when I can just look at USPAP itself to see what it actually says.

It's an unnecessary assumption.

 

[NC Appraising]

If I can go directly to the source for free then why would I patronize any 3rd party for that info?

Some appraisers are lazy? MLS...one click to realist. Done. Realist r-1. Appraisal r-1 residential. Do they actually know if it is legal noncorming? No.

it probably takes 2-5 minutes to find, research and actually confirm the zoning, min.lot size, etc to see if legal, non conforming, etc. From the county records.


I think that is also a question for the push button data providers?

Most use third party data providers...realist, corelogic, etc. And not the actual municipality.

That's what AO 41 needs to answer. Do I get a get out of USPAP jail free card if I use AI or a third party data provider?

Why or why not? I'm i required to verify anything? If the form says that I will not be held liable for third party data providers......monkey is off my back?

At what point can we say that the third party data providers is believed to be reliable?

For example, cubi casa. Third party. They even have a variance. I have seen these types of products to be off, counting non GLA, etc.

Is there a %, a cutoff point?

Why does cubi casa get a free pass and realist does not? Or do they....

In my opinion, if we use third party for anything, we have to be not liable for anything. It's either all or nothing. The powers that be should not be able to pick and chose in order to "get us" when a complaint is sent in or when a loan goes into default.