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Description
Standards represent a watershed in the greater macro economic environment, which is driving standardization in a broad variety of professions. Real estate is no different, representing the largest single segment of the economy in the United States, and the final frontier for data and process standards. Given their role in collateral valuation, appraisers should understand the importance of standards and how you work and interact with a world that is driving toward standardization.
The clients of appraisers have been creating the impetus toward standards, demanding more consistency, efficiency and transparency within the appraisal process. Clients have been moving in this direction because of the demands of their customers: consumers.
The Appraisal Institute is committed to being a forerunner in data standards, not only for valuation but all segments of real estate. Three major standards groups in which AI participates include the Commercial Appraisal Report Standards (CARS) project; the Mortgage Industry Standards Maintenance Organization (MISMO); and the Open Standards Consortium for Real Estate (OSCRE). Progress to date includes the completion of the AI data glossary (with sorting capabilities), affiliation with OSCRE and MISMO and the beginning of an educational seminar for clients and appraisers, who will adopt these standards for their everyday use.
CARS: Much of the action within the CARS project has been accomplished under the auspices of the Appraisal Institute's Commercial Data Storage Standards Project Team, which launched an effort in 2003 to expand the... |
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