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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.
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?
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A _______________ plays a key role in summarizing the achievements of a new system or reappraisal and in preparing for the next reappraisal.
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Model development has what components:
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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?
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____________ 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.
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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.
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A ___________ is a graphical representation of a frequency distribution.
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When data is normally distributed, (approximately a bell-shaped curve) _______ percent will be within two standard deviations of the ________.
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A good way to show the distribution of qualitative variables is:
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Scatter diagrams show the relationship between __________ and _______ variables.
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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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