Podcast Beta
Questions and Answers
The three methods of studies required to evaluate data accuracy are ___, ___, and ___.
___ relates to how accurately recorded information used to estimate values reflects the current status of the property.
Qualitative items that have three or more predefined values (e.g., topography: level, rolling, or steep) are known as ___ data.
A ___ manual should explain how to collect and code data, thus ensuring greater uniformity among appraisers.
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A ___ edit ensures that the number of bedrooms does not exceed the total room count or that the square footage of the basement is not greater than the square footage of the finished area.
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___ data are items where the proper value is a matter of judgment and more difficult to verify.
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___ relates to the completeness of the available data or what must be collected to capture local market influences.
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Data collectors should have both ___ and ___ training.
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The number of appraisers required to complete the task in one year would be ___.
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Study Notes
Data Accuracy Evaluation Methods
- Field studies, ratio studies, and pilot studies are essential methods for assessing data accuracy in property and market analysis.
Quality of Recorded Information
- Quality defines how accurately recorded information represents the current state of a property, ensuring reliability in value estimation.
Discrete Data Definition
- Discrete data involves qualitative items with three or more predefined values, such as topography categories: level, rolling, or steep.
Data Inventory Manual
- A data inventory manual provides guidelines for collecting and coding data consistently, aiming for uniformity across appraisals.
Consistency Edits in Data Validation
- Consistency checks prevent logical discrepancies, ensuring that figures like the number of bedrooms do not exceed the total room count.
Subjective vs. Objective Data
- Subjective data relies on judgment and interpretation, making it challenging to verify, unlike objective data, which is measurable and factual.
Importance of Completeness
- Completeness emphasizes the collection of all necessary data to fully capture local market influences impacting property values.
Training for Data Collectors
- Data collectors require both classroom and field training to effectively apply theoretical concepts in real-world data collection scenarios.
Appraiser Requirement Calculation
- To manage 40,000 parcels with a parcel-per-appraiser rate of 20, considering days off (holidays, vacation, sick leave, training), 9 appraisers are needed for completion within one year.
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Description
Explore various methods and definitions related to data accuracy in property and market analysis. This quiz covers field studies, the quality of recorded information, and distinctions between subjective and objective data. Test your knowledge on the essential concepts that ensure reliable value estimation.
