‘Disclose me,’ AI tells appraisers

BVWireIssue #258-1
March 6, 2024

practice management and growth
valuation practice management, information technology, artificial intelligence

“Appraisers should be encouraged to clearly state whether they authored a report or relied on AI models for content generation.” This is a quote from an article written by none other than AI itself, “The Crucial Role of Verifying Appraiser Authorship,” in the January issue of the ARM E-Journal. The article was generated from a single prompt by Melanie Modica, ASA, ARM (Modica Fine Art LLC), which was: “Write a 1,100-word article about the importance of verifying an appraiser wrote a report or relied on ChatGPT for the content and why claiming authorship is important.” The two-page article took 22 seconds to complete, and editing was “extremely limited,” she says.

While Modica is neither advocating for the use of AI nor its exclusion, she is advocating for the disclosure of whether an appraisal or appraisal review report was “solely created by a credentialed appraiser human person, or not.” The AI-generated article also cited the “growing need for profession-wide standards and guidelines,” which, we point out, are currently in the works by the various valuation professional organizations (VPOs).

Extra: A BVWire survey found that 43% of respondents say they use AI to help write valuation reports.

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