Critical Thinking & Junk Science

Schedule: May 22, 2025

ZOOM Meeting Opens: 8:00 a.m. central time

Class Begins: 8:30 a.m. central time

Class Ends: 4 (ish) p.m. central time 

Livestream and Interactive Participation Requirements:  

To participate and receive continuing education credit, students must meet the following requirements:

• Technology: A reliable internet connection, a computer or tablet with a functioning webcam, speakers, and microphone.
• Webcam: Must be on and VISIBLE at all times. Adjust privacy settings to allow Zoom access. Lenovo laptop users may need the Lenovo Vantage App for webcam functionality.
• Zoom: No paid Zoom account is needed, but students must sign up for a free basic account at Zoom.us and install the Zoom app before the seminar.
• Interactive Platform: The seminar is live and interactive; the instructor and students must be able to see and interact with one another.
• Environment: Students must participate from a distraction-free location to ensure full attention and engagement.
• Identity Verification: Email a copy of your driver's license (with private information concealed except for your full name and photo) to the Chapter office @ myra.pitts@appraisalinstitute.org after registration and before the seminar begins.

Course Overview: Critical Thinking & Junk Science

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 andconditions.2

3.Logical Fallacies. Appraisers should avoid invalid or faulty reasoning. USPAP sets forth guidance on a variety of issues, and the Appraisal Institute sets forth many established methodologies.

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 should 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.