Which organization reached a settlement in 1977 requiring a policy against using homogeneity in appraisals?

The American Institute of Real Estate Appraisers (AIREA) is the organization that reached a settlement in 1977 regarding the use of homogeneity in appraisals. This settlement was significant as it addressed the practice of using homogeneity in determining property values, which could lead to discriminatory practices and reinforce biases in housing markets. The AIREA recognized the importance of promoting fair and unbiased appraisal practices and established policies to ensure appraisals were based on market data and conditions rather than assumptions of uniformity among properties.

This development was part of a broader movement in the appraisal profession to promote equality and eliminate discrimination, underscoring the importance of diversity in housing valuation. By creating policies against homogeneity, the AIREA took a proactive stance to improve the profession's integrity and reinforce compliance with fair housing laws, ultimately supporting a more inclusive market for all property types and demographics.