As a real estate appraiser, you know that independent, objective home appraisals and valuations are a crucial part of the homebuying and lending processes. Anti-bias training courses are designed to help eliminate unintended bias in home valuations. Several states already have anti-bias education requirements in place, and others may soon follow. Whether your state currently mandates appraisal bias training or not, McKissock has you covered. We offer the courses you need to educate yourself and meet your state’s licensing requirements.
Ensure compliance with fair housing regulations by taking our CE course, Fair Housing, Bias, and Discrimination.
Understanding bias in the appraisal process
What is appraisal bias?
The Uniform Standards of Professional Appraisal Practice (USPAP) defines bias as a preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an appraisal.
Unconscious bias in valuation
Merriam-Webster defines unbiased as free from all prejudice and favoritism. While we usually recognize conscious bias and can keep it under control, unconscious bias refers to thoughts and behaviors that we are unaware of and how they influence our day-to-day decisions. Neither appraisers nor other professionals are immune to unconscious bias. It can affect how we interact with clients, homeowners, and peers. Unconscious bias in valuation may unintentionally affect our appraisal process and how we form an opinion of value.
How to combat unconscious bias
As an appraiser, you must give an unbiased opinion of value. Actions you can take to avoid unconscious bias and prevent unintended discrimination in the appraisal process may include educating yourself on these issues, avoiding use of subjective terminology, carefully complying with USPAP and Fair Housing laws, and, in general, completing all appraisal assignments with objectivity and impartiality.
A good place to start is by learning to recognize the various biases that…