Critical Thinking & Junk Science

Hotel Recommendations:

Aloft Birmingham Soho Square

Address: 1903 29th Ave S

Homewood, AL 35209

205-874-8055

Grand Bohemian

New Autograph Collection

2655 Lane Park Road

Mountain Brook

205-414-0505

Please Note: There is not a group rate or room block being held at either of these. They are merely suggestions on where to stay.

Location of Seminar:

Birmingham Realtor Association

3501 Independance Dr

Birmingham, AL 35209

Schedule: 

September 24, 2024 (Central Time Zone) 

• Registration: 8:00 a.m. central time
• Class Begins: 8:30 a.m. central time

Course Overview:

The Uniform Standards of Professional Appraisal Practice (USPAP) establishes a framework that

appraisers use when developing an opinion of value. The valuation process is a systematic

procedure an appraiser follows to provide answers to a client’s questions about real property value.1

It is a model that can be adapted to a wide variety of issues related to value, mass value, review,

litigation support or consulting assignments.

The goal of the valuation process is to deliver well-researched and supportable conclusions. The

Critical Thinking & Junk Science course includes both principles and case studies for the appraisal

professional. The three approaches to value (cost, income and sales comparison), coupled with

complex issues set forth in USPAP AO-9 (cost, use and risk effects) established a solid valuation

framework.

Critical Thinking and Junk Science expands an appraiser’s professional skill set by focusing upon

five topics within the context of real estate valuation:

1.Epistemologies. The academic community has long identified research methods to collect

and build credible knowledge and are discussed within the context of valuation.

2. Critical Thinking. Appraisers must employ an objective analysis that allows them to form

credible opinions, especially when involving complex or “atypical” properties.

3. Logical Fallacies. Appraisers should avoid invalid or faulty reasoning and comply with

USPAP, and established methodologies primarily set forth by the Appraisal Institute.

4. Cognitive Bias. Appraisers should avoid any systematic pattern of deviation from rationality

or established standards and ethics of the appraisal profession.

5. Junk Science. Appraisers must avoid unproven or untested tactics or theories when

presenting an opinion of value. These tactics are explored, along with how to rebut them.

Appraisers are licensed professionals, and their opinions should be unbiased and reflect credible

value conclusions.3 Valuation judgements must promote transparency, minimize subjective factors,

be applied objectively to avoid biased analyses, opinions and conclusions.

4.Understanding these complexities helps develop a credible opinion of value. While many of these

issues are addressed throughout USPAP, professional literature and coursework, this course focuses

on them in a single framework.