Podcast
Questions and Answers
____________ are exercises in applied economic analysis and require the use of logical, systematic methods for the collecting, analyzing and processing of data to produce supportive, well-documented value estimates.
____________ are exercises in applied economic analysis and require the use of logical, systematic methods for the collecting, analyzing and processing of data to produce supportive, well-documented value estimates.
- Single-property appraisal
- Mass appraisal
- Both single-property and mass appraisal (correct)
- None of the above
A basic model structure for the cost approach would be:
A basic model structure for the cost approach would be:
- MV=I/R
- MV=GI x GIM
- MV=LV + BV (correct)
- MV=SC + ADJC
Real estate prices are a function of supply and demand factors operating simultaneously within a market. The ____________ factors relate to availability, ____________ factors include such things as condition, size and location.
Real estate prices are a function of supply and demand factors operating simultaneously within a market. The ____________ factors relate to availability, ____________ factors include such things as condition, size and location.
- supply - supply
- demand - demand
- demand - supply
- supply - demand (correct)
Which element is not a property characteristic data?
Which element is not a property characteristic data?
A _______________ plays a key role in summarizing the achievements of a new system or reappraisal and in preparing for the next reappraisal.
A _______________ plays a key role in summarizing the achievements of a new system or reappraisal and in preparing for the next reappraisal.
Model development has what components:
Model development has what components:
Five appraisers are available to field canvass 4,800 parcels. Each appraiser can work 15 parcels per day, on average. How many days will it take to complete the field canvass?
Five appraisers are available to field canvass 4,800 parcels. Each appraiser can work 15 parcels per day, on average. How many days will it take to complete the field canvass?
____________ data can take any value in a given range and is often based on measurements. ____________ data is qualitative items that have three or more predefined values. _________ data is qualitative items that have only two possibilities, for example yes or no.
____________ data can take any value in a given range and is often based on measurements. ____________ data is qualitative items that have three or more predefined values. _________ data is qualitative items that have only two possibilities, for example yes or no.
A _________ data edit produces a warning to the operator indicating the entry may be invalid. A _________ data edit precludes the operator from making certain entries.
A _________ data edit produces a warning to the operator indicating the entry may be invalid. A _________ data edit precludes the operator from making certain entries.
A ___________ is a graphical representation of a frequency distribution.
A ___________ is a graphical representation of a frequency distribution.
When data is normally distributed, (approximately a bell-shaped curve) _______ percent will be within two standard deviations of the ________.
When data is normally distributed, (approximately a bell-shaped curve) _______ percent will be within two standard deviations of the ________.
A good way to show the distribution of qualitative variables is:
A good way to show the distribution of qualitative variables is:
Scatter diagrams show the relationship between __________ and _______ variables.
Scatter diagrams show the relationship between __________ and _______ variables.
What is the third quartile of the following garage size data:
What is the third quartile of the following garage size data:
Flashcards
Applied Economic Analysis
Applied Economic Analysis
Exercises in applied economic analysis using logical, systematic methods for data collection, analysis, and processing to produce well-documented value estimates for both single-property and mass appraisal.
Cost Approach Model
Cost Approach Model
A basic model structure for the cost approach is Market Value equals Land Value plus Building Value.
Supply and Demand Factors
Supply and Demand Factors
Availability relates to supply factors; condition, size, and location relate to demand factors influencing real estate prices.
Property characteristic data
Property characteristic data
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Sales Ratio Study
Sales Ratio Study
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Model Development Components
Model Development Components
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Data Types
Data Types
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Data Edit Types
Data Edit Types
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Histogram
Histogram
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Normal Distribution
Normal Distribution
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Crosstabulation
Crosstabulation
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Scatter Diagrams
Scatter Diagrams
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Study Notes
Cost Approach in Economic Analysis
- Exercises in applied economic analysis utilize logical and systematic methods for data collection, analysis, and processing.
- The cost approach involves developing value estimates that are well-documented and supported by data.
Real Estate Pricing Factors
- Real estate prices are influenced by supply and demand factors in the market.
- Availability of real estate relates to supply factors.
- Property characteristics include condition, size, and location, which fall under demand factors.
Property Characteristic Data
- Identification of property characteristics is essential for accurate valuation.
- A property characteristic data set summarizes achievements from appraisals and prepares for future evaluations.
Appraiser Field Canvass
- Five appraisers are assigned to canvass 4,800 parcels.
- Each appraiser can handle an average of 15 parcels per day, leading to efficient workflow and time management insights.
Data Types
- Continuous data can take any value within a specified range, often derived from precise measurements.
- Ordinal data consists of qualitative items with three or more predefined values.
- Nominal data involves qualitative categories with only two options, such as yes or no.
Data Edits
- A soft data edit produces a warning for operators, indicating a potential invalid entry.
- A hard data edit restricts the operator from making certain entries entirely.
Data Visualization
- Histograms provide a graphical representation of frequency distributions, helping in data interpretation.
- In normally distributed data, approximately 95 percent falls within two standard deviations of the mean.
Qualitative Variable Distribution
- Distributions of qualitative variables can effectively be illustrated through charts and graphs for clear visualization.
- Scatter diagrams illustrate relationships between independent and dependent variables, useful for identifying trends.
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