Navigating Ethical Frontiers: Real Estate Appraisal in the Age of Artificial Intelligence

Summary

Artificial intelligence (AI) is pervasive with no signs of tempering. Use of AI tools is becoming commonplace in all aspects of life. As AI systems become more capable and are deployed in more areas, they have greater potential to impact lives, both positively and negatively. Importantly, AI systems are built by humans and can inherit or be programmed with biases. Identifying and addressing sources of unfairness or discrimination in training data, algorithms, and applications is up to the users. This article investigates ethical concerns that real estate appraisers face when using artificial intelligence tools.