Modernization of Appraisal Models and the Effects on Real Estate (7 Hours)

Traditional appraisal services have evolved to include property data collections, remote inspections, third-parties, hybrid approaches, fully desktop appraisals, and even artificial intelligence. As the real estate industry moves forward with these modern approaches to appraisals, it licensees, lenders, clients, and consumers. Understanding these modern approaches to value is essential for consumer protection and benefit.

This course will look at the definitions, requirements, pros and cons of desktop valuation service models, while examining risk, services, and terminology. The industry continues to evolve with the introduction of these desktop, hybrid, and bifurcated appraisal models. While these innovative approaches blend traditional appraisal methods with modern technology to streamline the valuation process, it now often involve third parties and different expectations.
These advancements in the industry aim to increase efficiency, accuracy, and speed in property valuations while maintaining the integrity of the process. As technology continues to shape the future of the industry, potential risks emerge. Consumers need to be equipped with a clear understanding of these models, which have benefits – but have drawbacks, so having an educated licensee communicating those key elements is essential.

Finally, this course will discuss the impacts of new technology, highlighting artificial intelligence and its current and future impacts on the industry. The course will discuss how licensees can take the lead in adapting to these methods and ensure their practices and product are compliant while utilizing alternative models

This course is approved in Pennsylvania for 7 hour of elective appraisal recertification; and 7 hours real estate licensee elective continuing education.