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As ChatGPT and other AI chatbots have exploded on the scene, Realtors are now having to confront an avalanche of “expert advice” riddled with half-truths and misinformation. More than ever, Realtors must be prepared to be the trusted advisor who helps their clients avoid following chatbot-generated misinformation that can lead to litigation.
Part 1 of this series looked at five common questions that buyers ask their agents, the incorrect answers provided by ChatGPT, and the correct responses a competent Realtor should make instead. Below are five common seller questions that ChatGPT also answered incorrectly.
1. Has there been a recent appraisal on the property?
Perhaps the most troubling thing that ChatGPT and other chatbots do is to hedge their bet by saying, “As a language model, I cannot provide legal advice,” and then immediately provide information that often constitutes legal advice. The paragraph below illustrates this point.
As a language model, I cannot provide legal advice. However, in general, the disclosure requirements regarding an appraisal depend on the laws and regulations of the state or country where the property is located.
So far, so good, but then it advises:
Therefore, the listing agent should consult with a licensed real estate attorney in the relevant jurisdiction for specific guidance on disclosure obligations.
Agents are trained on disclosure obligations and if they have questions, they need to check with their manager, not hire their own real estate attorney.
The next statements have additional errors as well:
In some jurisdictions, sellers are required to disclose any material facts that may affect a buyer’s decision to purchase the property. An appraisal can be considered a material fact if…