But how does getting an appraisal license protect bank people and real estate agents? Isn't an appraiser subject to the same moral shortcomings as any regular person?
And only allowing state licensed appraisers to give value estimates does exactly what you are trying to avoid. It creates a state owned monopoly on housing estimates.
Zillow would lose credibility and it would hurt the core of their business if it was found that they company was purposely deceiving people about the value of their homes so that they could directly profit from it. They might also open themselves up to legal repercussions in that case for just plain old fraud as well.
It's easy to defraud one of the parties in a real estate transaction (usually the bank; they have the money) if the other parties, including the appraiser, collude. The appraiser is supposed to be independent, and the license is a stamp of professional ethics.
If a licensed appraiser acts fraudulently, you have grounds to sue their hinders off.
And only allowing state licensed appraisers to give value estimates does exactly what you are trying to avoid. It creates a state owned monopoly on housing estimates.
Zillow would lose credibility and it would hurt the core of their business if it was found that they company was purposely deceiving people about the value of their homes so that they could directly profit from it. They might also open themselves up to legal repercussions in that case for just plain old fraud as well.