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Smart Appraisers Make Dumb Mistakes?

Terrel L. Shields

Thread Starter
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May 2, 2002
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Certified General Appraiser
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Arkansas
I am not sure that USPAP lets appraisers make mistakes in reality...yeah, they claim you can be less than perfect...but...


The real problem comes as smart people come to assume that they are less vulnerable to bias, simply because they are so educated, experienced, and intelligent.​
 

Elliott

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Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
What are the standards for a peer review committee or a reviewer? Is it really Standard No. 3? When's the last time anyone has seen a SOW and signed certification on a "review" matter by a reviewer or peers? I had a recent issue with a AMC Chief Appraiser and I wanted to ask for , "so what's your support for your opinion, let's see your Standard 2 work....." but knew it would mean turning around and questioning the Homeplate Umpire.

My opinion on Peer Review is its a farce and the compelled standards are never really met.

Is is possible to develop 5 USPAP compliant adjustments from 6 recent sales that each have 7 variable elements?
 

gregb

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Sep 3, 2011
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State
California
How can any appraiser quote a fee to review an appraisal before seeing the actual appraisal? Half the time no new comparables are required, I end up not accepting the adjustments or wanting my own adjustments, resulting in a value conclusion inconsistent with the one put forth in the appraisal under review.
 

Joe Flacco

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Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
Critical thinking, education, and intelligence has nothing to do with bias.
 

Lee in L.A.

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Jan 24, 2002
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Certified Residential Appraiser
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California
I bet even Albert Einstein made some stupid mistakes in his life. :shrug:
 

ucbruin

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Mar 11, 2014
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Certified Residential Appraiser
State
Massachusetts
But who would know....
 

Tom Woolford

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Nov 20, 2005
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Florida
I bet even Albert Einstein made some stupid mistakes in his life. :shrug:
He called the inclusion of the cosmological constant into general Relativity his biggest mistake. Hubble showed the CC was correct but for the wrong reason.
 

Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Critical thinking, education, and intelligence has nothing to do with bias.
I think you just made George Dells case for him. You cannot see your own bias because you've convinced yourself you aren't....and you are or you couldn't function. Bias is not a deliberate act of fraud. It is a systematic way your brain functions.
 

Joe Flacco

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
I think you just made George Dells case for him. You cannot see your own bias because you've convinced yourself you aren't....and you are or you couldn't function. Bias is not a deliberate act of fraud. It is a systematic way your brain functions.
I mean people naturally have biases. Being smart or intelligent has nothing to do with having biases or not. I don't know what that has anything to do with valuation bias.
 
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