Artificial Intelligence (AI) is the ability of computer programs to evaluate information and make decisions according to pre-established criteria. In real estate, AI is used in applications such as automated mortgage underwriting, property management, valuation, and customer service.
An Automated Valuation Model (AVM) is a computerized system that uses mathematical modeling to value properties. AVMs incorporate data from public property records and commonly utilize proprietary algorithms to deliver a property valuation. These models are often used for mass property appraisals, such as for property tax assessments and securing the preliminary values for mortgage lending.
An Automated Valuation Model (AVM) is a computer-driven program that utilizes mathematical modeling, incorporating data from multiple sources, such as property sales histories, public records, and other real estate databases, to estimate the market value of a property.
A computer-based network of lenders that allows affiliated real estate brokers, builders, or advisors to originate loans at the site of the home. Provides a streamlined process whereby a person can buy a home and apply for a loan at the same place and time.
The Global Positioning System (GPS) is a satellite-based navigation system that provides location and time information anywhere on Earth.
The Open Standards Consortium for Real Estate (OSCRE) is a not-for-profit, membership-funded, neutral consortium that facilitates collaboration on standardized data exchange in the real estate industry.
Real Estate Information Systems (REIS) are technological platforms designed to gather, store, analyze, and manage data related to real estate operations. They are essential for streamlining property management, facilitating transactions, and providing sophisticated market analysis.
A geographically diversified group of independent real estate brokerage companies, generally not members of a franchise, that share information with one another concerning potential customers.
