Appraisals are crucial for fair homebuying but often show bias by anchoring values to contract prices. The Appraisal Modernization Act aims to increase transparency, standardize consumer appeal rights, and improve accuracy by prohibiting disclosure of sales prices before appraisals. Modern tools like AI and independent data collection can aid appraisers, but human judgment remains essential. Reforms should ensure valuations are fair, impartial, and based on market evidence.
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