Hot Topic - Artificial Intelligence (AI)

Question 1

What is AI?

Answer 1

simulation of human intelligence using computer systems

Question 2

What are some of the benefits of AI?

Answer 2

• Transformed industries with ability to gather and analyse large amounts of data, identify trends and make predictions.
• Improved efficiency in client satisfaction due to quick turnaround providing professionals with more time to develop client relationship.
• Tasks that require repetition/routine can be automated.
• Can provide support in decision making as it can work with vast amounts of data.
• Help with sourcing property data, report writing and templating.

Question 3

What are some concerns over AI?

Answer 3

• Its capability to work with large amounts of data may raise concerns over data privacy.
  Knowledge of AI use and data privacy laws needed when using this technology.

Question 4

Does IVS address AI?

Answer 4

Yes, IVS 105 addresses selection/use of valuation models to be used in the valuation process.
No model without applying professional judgement will be an IVS-compliant valuation.

Question 5

Is the IVS position on AI mirrored in the RICS Global Standards?

Answer 5

Yes, in PS1 it is made clear that a valuation produced as part of an AVM must be subject to professional opinion before it can be regarded as a written valuation.

Question 6

Are there any points regarding AI that RICS highlights in the Red Book that require to be considered?

Answer 6

• confidentiality
• intellectual property
• data and input verification
• appropriate assessment and professional judgement
• transparency with intended user of the valuation
• ethical, technical and legal matters in the Red Book