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Questions and Answers
Three different ways of obtaining sales data from buyers and sellers are:
A __________ shows the number of ratios falling within specified intervals, and also reveals patterns and trends of a sample.
frequency distribution
A __________ is a graph showing the relationship between an independent variable and a dependent variable.
scatter diagram
The __________ is the midpoint or the middle ratio when ratios are arrayed.
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A __________ is a bar chart or graph of frequency distribution.
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The most common measure of appraisal uniformity is the __________.
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The __________ is a measure of vertical equity in that it looks at the equity in appraisal of low-value and high-value parcels.
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According to IAAO standards, the level of appraisal should fall between __________ and __________.
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For older heterogeneous residential property, the COD should be between __________ and __________.
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__________ or __________ charts differ from other charts in that they can accommodate multiple data sets on the same graph.
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Study Notes
Methods of Obtaining Sales Data
- Personal interviews, mail questionnaires, and telephone interviews are effective methods for collecting sales data from buyers and sellers.
- Each method promotes direct communication and detailed responses, enhancing the reliability of collected information.
Understanding Frequency Distribution
- A frequency distribution showcases how many data points fall within specified intervals, revealing patterns and trends.
- It is essential for analyzing data samples, particularly ratios in appraisal contexts.
Scatter Diagrams
- Scatter diagrams illustrate the relationship between an independent variable and a dependent variable.
- They provide a visual representation, making it easier to interpret correlations between different data sets.
Median in Data Analysis
- The median represents the midpoint value when a data set is ordered from lowest to highest.
- It is widely used in appraisal studies to determine the central tendency of values.
Histogram as a Graphical Tool
- A histogram is a bar chart that represents the frequency distribution of a dataset.
- It visually indicates how many data points fall within each specified interval, aiding in data interpretation.
Coefficient of Dispersion (COD)
- The coefficient of dispersion is the primary measure of appraisal uniformity.
- It indicates variability in values relative to the median ratio, reflecting consistency in property appraisals.
Price-Related Differential (PRD)
- The PRD assesses vertical equity in appraisals by comparing low-value and high-value properties.
- It evaluates fairness in valuation accuracy across different price ranges, ensuring equitable assessments.
IAAO Appraisal Standards
- According to International Association of Assessing Officers (IAAO) standards, appraisals should have a median ratio between 0.90 and 1.10.
- This range indicates that properties are valued reasonably close to actual market values.
COD for Older Residential Properties
- For older, heterogeneous residential properties, IAAO standards dictate that the coefficient of dispersion should range from 5.0 to 15.0.
- This standard reflects acceptable levels of appraisal uniformity for diverse property types.
Polygon and Line Charts
- Polygon (line) charts differ from other chart types in their ability to display multiple datasets on one graph.
- This feature is useful for comparing trends across various variables, enhancing analytical capabilities.
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Description
Explore various methods for obtaining sales data, including personal interviews and questionnaires. Understand frequency distribution, scatter diagrams, and the use of median in data analysis. This quiz covers essential concepts for analyzing data in appraisal contexts.
