300 QUIZ 1 Fundamentals of Mass Appraisal Course

____________ 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.

A basic model structure for the cost approach would be:

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.

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.

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?

____________ 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 ___________ 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 ________.

A good way to show the distribution of qualitative variables is:

Scatter diagrams show the relationship between __________ and _______ variables.

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.