Artificial Intelligence (AI) is unavoidable in today’s world. If an appraiser uses the Internet for almost any part of the research for an assignment, there is a high likelihood that somewhere, even if behind the scenes, AI is being used.
Appraisers have long been required to confirm and verify all information that is necessary for credible results in the development of the approaches to value. This should be no different in today’s working environment. When an appraiser relies on the direct use of AI for any part of the research or analysis, that use should be addressed in the appropriate section of the report (e.g., the market approach or income approach). If this is the case, it is recommended, but not required, that a statement similar to the following be included in your report:
Some of the data researched and information used in this assignment may have come from sources that employ artificial intelligence (AI). To the extent that is possible and appropriate, the appraiser has confirmed all data that has had a substantial impact on the approaches to value and any other analyses performed in this assignment. The opinions and conclusions stated in this report are those of the appraiser and are not solely the results of analyses using AI. Any direct significant use of AI in the development of this assignment is explained in greater detail elsewhere in this report.
When using AI to assist in report writing, the appraiser must diligently proofread all material generated by AI to ensure that it is accurate and appropriate. In such situations it is recommended that a statement similar to the following be added to the report where appropriate:
Artificial Intelligence was used to generate parts of this report. All report content has been reviewed, edited as needed, and accepted by the appraiser.
*This is a guidance statement only and its use is recommended, not required. The use of AI will differ from appraiser to appraiser and therefore, no one AI statement will cover every situation. Appraisers need to use their own judgment as to when to disclose use of AI and how much effort went in to confirming the derived information. Appraisers should always bear in mind their inherent responsibility to producing credible reports worthy of their clients’ trust.