Review Questions Chapter 3 PDF

The three methods of studies required to evaluate data accuracy are \_\_\_\_\_\_\_\_\_\_, \_\_\_\_\_\_\_\_\_\_, and \_\_\_\_\_\_\_\_\_\_. a\) Field studies, statistical studies, ratio studies b\) Market studies, accuracy checks, pilot studies c\) Field studies, ratio studies, pilot studies d\) P...

The three methods of studies required to evaluate data accuracy are \_\_\_\_\_\_\_\_\_\_, \_\_\_\_\_\_\_\_\_\_, and \_\_\_\_\_\_\_\_\_\_. a\) Field studies, statistical studies, ratio studies b\) Market studies, accuracy checks, pilot studies c\) Field studies, ratio studies, pilot studies d\) Pilot studies, statistical analysis, survey studies Answer: c) Field studies, ratio studies, pilot studies Explanation: These three methods---field studies, ratio studies, and pilot studies---are used to evaluate data accuracy by assessing different aspects of the property and market data. 2\. \_\_\_\_\_\_\_\_\_\_ relates to how accurately recorded information, used to estimate values, reflects the current status of the property. a\) Completeness b\) Quality c\) Consistency d\) Validity Answer: b) Quality Explanation: Quality refers to the degree to which recorded information accurately reflects the current condition of the property, ensuring it can be used reliably for value estimation. 3\. Qualitative items that have three or more predefined values (e.g., topography: level, rolling, or steep) are known as \_\_\_\_\_\_\_\_\_\_ data. a\) Continuous b\) Discrete c\) Quantitative d\) Interval Answer: b) Discrete Explanation: Discrete data refers to items with a finite set of predefined values. For example, the topography of land can be classified as level, rolling, or steep, making it discrete. 4\. A \_\_\_\_\_\_\_\_\_\_ manual should explain how to collect and code data, thus ensuring greater uniformity among appraisers. a\) Valuation b\) Data inventory c\) Training d\) Field study Answer: b) Data inventory Explanation: A data inventory manual is designed to guide appraisers in collecting and coding data consistently, promoting uniformity across appraisals. 5\. 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. a\) Completeness b\) Consistency c\) Accuracy d\) Logical Answer: b) Consistency Explanation: A consistency edit checks for logical discrepancies, such as ensuring that the number of bedrooms does not exceed the total room count, maintaining consistency in data. 6\. \_\_\_\_\_\_\_\_\_\_ data are items where the proper value is a matter of judgment and more difficult to verify. a\) Quantitative b\) Objective c\) Subjective d\) Categorical Answer: c) Subjective Explanation: Subjective data are based on judgment and interpretation, making them more difficult to verify compared to objective or quantitative data. 7\. \_\_\_\_\_\_\_\_\_\_ relates to the completeness of the available data or what must be collected to capture local market influences. a\) Quality b\) Completeness c\) Consistency d\) Accuracy Answer: b) Completeness Explanation: Completeness refers to ensuring that all necessary data is collected to capture the full range of market influences that impact property values. 8\. Data collectors should have both \_\_\_\_\_\_\_\_\_\_ and \_\_\_\_\_\_\_\_\_\_ training. a\) Online, field b\) On-the-job, academic c\) Classroom, field d\) Technical, theoretical Answer: c) Classroom, field Explanation: Data collectors should have both classroom and field training to effectively understand theoretical concepts and apply them practically during data collection. 9\. Given the following: Parcels: 40,000 Parcels per appraiser: 20 Work week: 5 days Holidays: 10 Vacation days: 10 Sick leave days: 5 Average training days: 5 The number of appraisers required to complete the task in one year would be \_\_\_\_\_\_\_\_\_\_. a\) 10 b\) 8 c\) 9 d\) 12 Answer: c) 9 Explanation: Based on the number of parcels, work schedule, holidays, and other leave considerations, 9 appraisers are required to complete the task within a year at the rate of 20 parcels per day.