The Appraisal Foundation released a second exposure draft of its Proposed Advisory Opinion 41, which seeks to provide guidance to appraisers using advanced technological tools, such as artificial intelligence, in the appraisal process.
NAR identified potentially confusing language in the original draft and issued a comment letterpdf praising the increased clarity provided in the second draft.
NAR is committed to maintaining the success of the appraisal profession and preserving access to homeownership and is encouraged by the Appraisal Standard Board's (ASB) proposal to add guidance on Uniform Standards of Professional Appraisal Practice (USPAP) adherence while using rapidly evolving technological tools. The added clarity in the second exposure draft helps ensure that appraiser responsibilities are understood.
Read NAR's comment letterpdf to the Appraisal Foundation.