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Schedule
SECTION 1
Introduction
Registration
Introduction and Classroom Rules
Part 1: An Introduction to Artificial Intelligence
Preview: Objectives
Overview
What Is Artificial Intelligence
Definition slides and Layman’s Terms
Two Key Elements
Your Viewpoint
TheProgression
Starting at the Beginning
Our Primary Analytical Tool
What Happened in 1982
Four Building Blocks
Looking at the Building Blocks
A Fundamental Truth
One More Set of Factoids
Putting an HP-12C on an iPhone Is Not Innovation
Putting Things in Perspective
A Fundamental Truth
Where Is Artificial Intelligence Leading Us: The Tale of
Two Teslas
What Do You Think About When You Hear the Name Tesla
Nikola Tesla Quote
Nikola Tesla’s Legacy
The “Other” Tesla: Elon Musk’s Perspective
Who Has the Better Perspective—Whose Position Should
We Embrace
Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation xiiiSECTION 1, cont.
Part 2: AI: Today, Tomorrow, and the Future
Preview: Objectives
Artificial Intelligence: Today
Changes: Data, Technology, Professions
Changes: Personal Items, Career
AI Is All Around Us
Artificial Intelligence: Today, Tomorrow, Next Week, Next Month
Artificial Intelligence: Tomorrow (Augmented Reality)
Artificial Intelligence: Next Month
Intelligent Agents
A Digital You
Build Your Own Artificial Intelligence (Google and Amazon)
AI Everywhere (Healthcare, brewing beer, fishing, safety)
Artificial Intelligence: The Future
Trends Today
Technological Revolution Is Here
2022--50% of Interactions Will Involve AI
The Future: Hype or Reality
TheFuture: Connecting AI to the Professions
World Economic Forum
Establishing Context: The Future of the Professions
We Are Living in an Inflection Point
Professionals and the Great Bargain
Gatekeepers to Specialized Knowledge
Transformation of the Professions (Collapse of
Communication, End of Professional Era)
What Should Professionals Do
Are We Moving In the Right Direction
A Cornucopia of Viewpoints: Bill Gates, Max Tegmark,
Elon Musk, Stephen Hawking
xiv Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for ValuationSECTION 1, cont.
Part 3: The Bottom Line: Connecting AI to Real Estate
Preview: Objectives
Artificial Intelligence and the Appraisal Profession
Everyday Issues
Evolution of Valuation Technology
The Tools of the Future
Trends in Technology
Trends to Watch For
Cloud Computing
Big Data
AI and Real Estate
Historic Investment in AI Across Industries
Keeping Up with Innovation
Focus on Brokers
AI and the Appraisal Profession
Risks and Opportunities (Two RICS* White Papers)
A Closer Look at Real Time
Large Amounts of Data
Looking at Appraisal Skillsets
AI and Other Professions
How Is AI Being Used (Law, Accounting, Education,
Wealth Management, Journalism, Research,
Consulting)
Part 4: The Future of Appraising: A Scenario to Consider
Preview: Objectives
A Change in Appraisal Skillsets
Change Driven by Clients
Using AI to Increase Business (Skillsets, Data-Driven
Insight, Relevant Technologies, Machine Learning,
Mobile Technology, Augmented Reality)
Mobile Technology: CoStar Go and Siri Example
Automating Search Relevance and Filtering Methods
How Can AI Help Appraisers (New Analytics, Sifting
Through Data)
TheFuture of Artificial Intelligence: Where Does It Go
From Here
*Royal Institution of Chartered Surveyors
Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation xvSECTION 1, cont.
Part 5: A Government Report: Our Response
Preview: Objectives
Government Report on Artificial Intelligence
Comments from Appraisers on the Government Report:
What Do You Think
Should Appraisers Feel Paranoid
Are Appraisers Seen as an Impediment
Does the Government and Users of Appraisal Services
See the Future of Appraising as Driven by AVMs
Do Lenders and Homebuyers See the Appraisal as a
Source of Delays
Treasury Recommendations
Excerpts from the Government Report on AI and Financial
Transactions
Technological Advances
Investment Capital
Big Data, Machine Learning, and AI
Excerpts from ASA Comments Regarding the
Government Report
Looking at the Report: Using AI to Benefit the
Appraisal Profession
An Abrupt Transition: Appraisers Can Embrace the Future
Morning Break
xvi Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for ValuationSECTION 2
Part 6: The Evolution and Current State of AVM Technology
Preview: Objectives
TheState of AVMs Today
Where We Are Today
TheState of AVMs: The (Very) Near Future
The Ability to Deal With Qualitative Valuation Elements
Accuracy Will Increase and AVM Validation Testing
Methods Will Improve
Future of AVMs and Accuracy: The Zillow Prize--2019
The Components
Challenges with AVMs
Fannie Mae/Freddie Mac Data/Analysis
What Can a Sole Practitioner or Small Business Do
Other Challenges: Soft Appraisals
What Is a Soft Appraisal
Consumer/Prosumer
Can Appraisers Work with AVMs
Working with AVMs: What Are the Options
Working with AVM Technology
AVMStandards and the Future
Guidance from Standards
AVMDevelopment in Commercial Real Estate
CoStar Failure in 2001
Practical Applications
Possible Future of AVMs (Video)
Steps to Take: Know What is Happening with AI and
Real Estate
AI Research (Books to Read)
Transformational Aspects of AI
AI Is No Longer Science Fiction
Which Tesla Viewpoint Is More Relevant
Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation xviiSECTION 2, cont.
Part 7: Disintermediation in the Marketplace
Preview: Objectives
What Is Happening in the Marketplace: The Backstory
Disintermediation
Decentralization
Changing Business Models
Compare/Contrast
Disintermediation: Different Landscape
Effects of Disintermediation on the Financial Services
Industry: A Collapse
History and Functions of Money
Three Fundamental Functions
Effects on Financial Services: What Is Digital Transformation
Disintermediation with Blockchain
What Is Blockchain
Banks and Non-banks Are Moving Swiftly
xviii Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for ValuationSECTION 2, cont.
Part 8: Blockchain, Bitcoin, and Cryptocurrency
Preview: Objectives
What Is Happening in the Financial Services Sector:
Topics to Discuss
What Is Bitcoin (Definitions)
Bitcoin Is Cryptocurrency: Encrypted Digital Currency
Who Invented Bitcoin and Blockchain
Financial Collapse in 2008: is Bitcoin a Reaction
and a Solution
Financial Sector: Relationship Between Blockchain
and Bitcoin
How Did Blockchain Begin
Financial Services: What Does Blockchain Do
HowBlockchain Works: The Simple Explanation
Immediate Uses of Blockchain
Recording Ownership
Land Title
Blockchain: The Internet of Value
Who Can Use Blockchain
Advantages of Blockchain: What Makes It Secure
Distributed Ledgers
Cost Effective and Timesaving
What Is Ethereum: Relationship to Blockchain
Perfect for Smart Contracts
What Are Advantages of Ethereum
Ramifications for Property
Uses for Ethereum: Blockchain Startups Built on
Ethereum
Blockchain: Interesting and Esoteric Uses
Initial Coin Offerings (ICOs)
Decentralized Internet, Advertising, Asset Market
TheBig Eight: Open Networked Business Models
Business Model: The Rights Creators
Could Blockchain Benefit Creators
Business Model: The Re-Intermediators
Blockchain: Supply Chain
Blockchain: Animating the Internet of Things
Blockchain: The Platform Builders and Payments
Blockchain: The Consumer and Bigger, Better Data
Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation xixSECTION 2, cont.
Part 9: Uses of Blockchain in Real Estate
Preview: Objectives
What Does Blockchain Bring to Real Estate Space
Blockchain and Real Estate
Money Transfers
Property, Transactions, Title Ledgers
Additional Property Data
Smart Contracts
Blockchain: Benefits to Real Estate
Speed, Transparency, and Liquidity
Blockchain: Benefits to the Appraisal Profession
Standardization and Authentication
Practical Real Estate Applications of Blockchain
Appraisal Data Retrieval: Issues at the Present Time
Inefficiency, Historic Information Lost
Blockchain in Real Estate: Who Is Using It Now
Jones Lang LaSalle, Inc.
Future of Blockchain
Accenture
Blockchain Technology: Major Issues
Scalability
Blockchain: Challenges for Wider Implementation
Blockchain Everywhere: How Much Is Real--How
Much Is Hype
Marc Andreessen Quote
U.K. Government Office Quote
Don Tapscott Quote
Blockchain: World’s Major Companies
Blockchain: IBM
Blockchain: Microsoft
Blockchain: Facebook
Blockchain: Amazon
Blockchain: The Mainstream
Conclusions for the Future
AI Everywhere, Machine Learning, Cloud, Every
Device Connected
A Viewpoint on the Future
Rupert Murdoch
Questions and Evaluations
xx Appraisal Institute Artificial Intelligence, AVMs, and Blockchain: Implications for ValuationYou can also read
