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ChatGPT is a chatbot developed by OpenAI that uses machine-learning algorithms to understand written language and generate responses based on user inputs. It has potential utility in the real estate industry, such as AI-powered valuation models, human-like chatbots, and revenue-maximization tools. Real estate agents in the US are already using ChatGPT to speed up repetitive tasks. However, it has limitations such as its knowledge cutoff being 2021 and the potential to share personal information.