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IAAO 311 > All > Flashcards

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0
Q

Iaao standards recommend inspections every ___ years

A

6

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1
Q

A ____ _____ helps evaluate what data to collect and the best way to collect it

A

Pilot study

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2
Q

Mailing questionnaires, telephone, personal contact, and trade publications are all methods for obtaining ___ and ____ data

A

Income , expense

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3
Q

Square foot area is considered what type of data?

A

Continuous (quantitative)

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4
Q

Condition rating is considered what kind of data?

A

Discrete (qualitative)

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5
Q

What type of data has only 2 options. Yes or no

A

Binary

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6
Q

Natural log of 150

A

5.011

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7
Q

Converting a discrete variable to relative values or numerical ratings is termed ________ transformation

A

Scalar (CDU of AV to 9)

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8
Q

What type of transformation helps address the interactive relationship of a size related variable with quality related variable?

A

Multiplicative

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9
Q

The division of one variable by another (sq ft by # of rooms) is a ____ transformation

A

Quotient

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10
Q

Both mass and single appraisal use

A

3 basic approaches to value

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11
Q

First step in the mass appraisal process

A

Definition of problen

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12
Q

3 types of data that must be collected in analyzing the market

A

General
Specific
Comparative

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13
Q

Identifying supply and demand factors that best explain values in a market and expressing them in an equation is called model _____

A

Specification

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14
Q

Developing adjustment weights or coefficients is part of model ______

A

Calibration

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15
Q

Price, price of related commodities, consumer tastes and preference, consumers income, and consumer expectations are

A

5 determinants of demand

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16
Q

Price, availability and cost of related goods, technology are

A

3 determinants of supply

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17
Q

V=bo + (b1*X1) is the model structure for a

A

Additive model

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18
Q

_____ models assume that the impact of property characteristics upon value is interactive

A

Multiplicative

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20
Q

______ or ______ areas are broad geographic areas subject to similar economic influences

A

Market, economic

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21
Q

Sub-areas or _____ are groups of properties that share similar location and amenities

A

Neighborhoods

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22
Q

_______ ______ are used primarily in the development of MRA models, while _______ are used to develop regression variables

A

Market areas, sub-areas

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23
Q

A method of stratification operating on the principle of minimizing differences within groups and maximizing differences among groups is known as

A

Cluster analysis

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24
Q

______ are those values that include given percentages of the data set

A

Percentiles

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25
Q

_______ show the relationship between two qualitative variables

A

Cross-tabulations

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26
Q

_______ can be used to show several variables simultaneously

A

Polygons (Line charts)

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27
Q

The analysis of a continuous variable with two qualitative variables can be accomplished using ____ ______or _____ ______

A

Contingency tables, 3D plots

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28
Q

In testing variables, two primary statistical tests can be used. However a _________ test assumes that the date is normally distributed, while a _______test requires no assumption about the distribution of the data

A

Parametric, non parametric

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29
Q

One of the most common statistical test that is used to determine whether the mean equals a given value is

A

T-test

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30
Q

_____ ______ are valuable to assessors, because they provide meaningful information about the probable range of the true measures of central tendency

A

Confidence intervals

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31
Q

The ____ model is the most flexible, and the most difficult to calibrate

A

Hybrid (generic)

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32
Q

COV formula

A

Standard deviation/mean x 100

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33
Q

Calculate COD

A

Average absolute deviation from median / n then divided by median x 100

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34
Q

PRD formula

A

Mean/weighted mean

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35
Q

Percentile formula

A

K= p(n)+p

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36
Q

Confidence interval formula

A

Mean+-tstat(Sx/sqrt n)

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37
Q

PRD formula

A

Mean/weighted mean

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38
Q

Sales ratio formula

A

Appr value/sales price

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39
Q

The preferred measure of assessment level and most ratio studies is the

A

Median

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40
Q

Which measure of central tendency ways each ratio and proportion to its sale price

A

Weighted mean

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41
Q

The _______ is the most widely used measure of uniformity in ratio studies

A

COD

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42
Q

The _______ expresses the standard deviation as a percentage, making comparisons among groups easier

A

COV

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43
Q

The predictive power of the coefficient of variation depends on the extent the data is

A

Normally distributed

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44
Q

A scatter diagram depicting the relationship between sales ratio and effective age that portrays a downward sloping trend indicates a ______ correlation showing ______ ratios for all the residences

A

Negative, lower

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45
Q

The price related differential is calculated by dividing the ______ by the _______

A

Mean, weighted mean

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46
Q

PRD’s greater then 1.03 indicates relative _______ appraisal of higher value parcels while PRD’s less than .98 indicates relative _______ appraisal of higher value parcels

A

Under, over

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47
Q

In the cost approach model, construction costs represent the ______ side of the market, while depreciation represents the _______ side of the market.

A

Supply, demand

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48
Q

The first step and specifying cost models is to _______ improvements into homogeneous groups

A

Stratify

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49
Q

And developing a cost table, a _________ ______ can be used to develop the relationship between the cost per square foot at area

A

scatter diagram

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50
Q

Adjustments for variations for bass specifications of the cost model can take the form of _______, dollars per square foot, other per-unit costs, or _______ dollar costs

A

Multipliers, lump sum

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51
Q

What three types of sales should be excluded with deriving depreciation schedules from the market

A

Mixed-use parcels, parcels with additional buildings, parcels with extreme land to building ratios

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52
Q

After plotting percent good or accrued depreciation against effective age a curve can’t be fitted to the data using any water the following three ways

A

Visually by head, using graphics software, using multiplicative or non-linear MRA

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53
Q

Market calibration of cost models can be best accomplished by using ______or through the use of ______

A

Ratio studies, MRA

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54
Q

Expected increase in future home prices would most likely _____ the current demand for owner occupied residential property

A

Increase

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55
Q

Data mailers are most frequently used

A

Verify existing property data

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56
Q

Scalar values are best centered on 1.00 in

A

Multiplicative models

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57
Q

What statistical technique would be most appropriate for grouping similar subdivisions for modeling purposes

A

Cluster analysis

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58
Q

Average percentage deviation from the median best defines what

A

COD

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59
Q

The IAAO standards for the COD for older, heterogeneous residential property is

A

15.0 or less

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60
Q

Assessors need skills and single property appraisal to

A

Defend values

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61
Q

In a statistical test, this statement or conclusion that is excepted in the absence of sufficient evidence to the contrary is known as the

A

Null hypothesis

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62
Q

Consider the following ratios; .89, .96, 1.08, 1.14, 1.2. What is the coefficient of variation

A

COV=SD/mean

12.1

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63
Q

In mass appraisal, the sales comparison approach uses either the ______, ______or ______model formats to arrive at final value estimates

A

Additive, multiplicative, or hybrid

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64
Q

________ is a statistical technique for estimating unknown data based on known and available data

A

MRA

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65
Q

In regression statistics the _______is the ratio of a regression coefficient to it standard error (The higher the ratio, the more significant the variable)

A

T-value

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66
Q

In an additive MRA model b0 represents the _____ and X1, X2 represents the __________

A

constants, independent variables

67
Q

The successful application of MRA models in mass appraisal require accurate ___________ data, adequate sales, good model building skills and variables to capture significant ______ influences.

A

property characteristics, location

68
Q

The regression statistic ______ is the percentage of the variation in sales price explained by the model.

A

R-square

69
Q

In regression statistics, the standard deviation of the regression error is termed the __________.

A

standard error of estimate

70
Q

Calibrating the model directly, not being effected by outliers, and providing separate land and building values are strenghts of

A

feedback

71
Q

software limitations, proprietery algorithms, lacking diagnostics are limitations of

A

feedback

72
Q

percentile formula

A

k=(p)(n)+p

73
Q

Scalar variables using the multiplicative are centered around

A

1

74
Q

Scalar variables using the additive are centered around

A

0

75
Q

confidence interval formula

A

mean +-t-stat(Sx/sqrt/n)

76
Q

PRD over 1 is slightly

A

regressive

77
Q

Sales Ratio formula

A

Appr/Sales

78
Q

PRD formula

A

mean/weighted mean

79
Q

COD uses median or mean

A

median

80
Q

COV uses median or mean

A

mean (SD/mean)

81
Q

properties to be appraised, rights to be appraised, purpose, and date are steps of the

A

defining the problem

82
Q

supply/demand factors correspond to model

A

specification

83
Q

adjustments and factors correspond to model

A

calibration

84
Q

scarce, desirable, utility, purchase power indicate

A

value

85
Q

representation of how something works

A

model

86
Q

Good theory, proper data analysis, and research methods are requirements of

A

model building

87
Q

V=b0+(b1*X1) is what type of model

A

additive

88
Q

V=R0SIZEF1*F2 is what type of model

A

multiplicative

89
Q

V=GQ((P1Q1)+(Pl*Ql) is what type of model

A

hybrid (generic)

90
Q

interactive model that multiplies together (log linear)

A

multiplicative

91
Q

Variables independent of each other so you can ad together

A

additive

92
Q

Most difficult model to calibrate, most flexible

A

hybrid (generic)

93
Q

living area, qual, age, location, features are examples of

A

property characteristics

94
Q

discrete data is _ or more

A

3

95
Q

an exponent to which a given base must be raised to obtain a specified number

A

logarithm

96
Q

_____ can be used to combine subdivisions or existing neighborhoods into larger areas for statistical analysis

A

cluster analysis

97
Q

a tabulation of the number or % of cases for each value of a variable or range of values

A

frequency distribution

98
Q

bar chart or graphic display of a frequency distribution

A

histogram

99
Q

most common measure of dispersion

A

standard deviation

100
Q

scatter- what variable is on the vertical axis

A

dependent

101
Q

scatter- what variable is on the horiz axis

A

independent

102
Q

quantifies the degree of linear relation between two variables

A

correlation analysis

103
Q

____ hypothesis is what I believe

A

null

104
Q

range in which one can have a given degree of confidence that a true but unknown value lies

A

confidence interval

105
Q

monitoring appraisal performance, identifying priorities, and developing market adjustment factors is the purpose of

A

ratio studies

106
Q

what represents the av % difference from the median

A

COD

107
Q

PRD less than 1

A

progressive

108
Q

what measures vertical inequity

A

PRD

109
Q

physical deterioration, functional utility, locational are parts of

A

depreciation

110
Q

___ approach is based on the principle of substitution

A

cost

111
Q

linear MRA

A

additive models

112
Q

loglinear MRA

A

multiplicative

113
Q

nonlinear MRA or AEP (feedack)

A

hybrid

114
Q

what is based on the principal of least squares

A

MRA

115
Q

In the cost approach, construction costs represent the ___ side of the market and depreciation represents the ___ side

A

supply, demand

116
Q

cost approach is closely related to the

A

hybrid model

117
Q

when variations in size affect sale price the _____ of valuing land is most appropriate

A

comparative unit method

118
Q

in mra , the ______ represents the difference between the actual and predicted sales prices

A

RESIDUALS

119
Q

Which employs the Euclidean distance metric

A

automated comparable sales

120
Q

accuracy, stability, and explainability are aspects of

A

value acceptability

121
Q

When size is not a significant factor of land values, the ____ lot method is appropriate

A

base

122
Q

direct valuation, decomposable, and additive MRA are types of models used to estimate

A

land values from sales data

123
Q

once preliminary values have been produced, an _______ is an essential first step in quality control

A

office review

124
Q

assessment maps, valuation reports, and prc’s are needed for

A

field reviews

125
Q

using simplified models, stepwise MRA, and constrained MRA can promote

A

greater understanding

126
Q

Full recalibration, cyclical recal., partial recal., and prior years value and all

A

update strategies

127
Q

r square is also called the coefficient of

A

determination

128
Q

measure of linear correlation between 2 variables (from -1 to 1)

A

coefficient of correlation

129
Q

enters values in order of their conribution in reducing SEE

A

Stepwise regression

130
Q

complete and accurate data, linearity, additivity, normally distributed errors, are all

A

mra assumptions

131
Q

dampening and smoothing are aspects of

A

AEP feedback

132
Q

what uses VIC’s

A

LVRSA

133
Q

what uses MRA based on vacant lot sales

A

Direct Valuation

134
Q

the testing of new methods or procedures on a sample or test area

A

pilot study

135
Q

was developed with the express purpose to promote and maintain a high level of public trust as well as confidence in professional appraisal practice

A

USPAP

136
Q

Appraisal process is divided into 2 distinct types of activity:

A

development and reporting

137
Q

relevant property characteristics are determined by

A

the appraiser

138
Q

T or F: An appraiser must not advocate the cause or interest of any party.

A

True

139
Q

The property as if repaired is what type of assignment condition?

A

hypothetical

140
Q

The Preamble states that USPAP is

A

for appraisers and users of appraisal services.

141
Q

The stated purpose of USPAP

A

Promote and maintain a high level of public trust in appraisal practice.

142
Q

When obligated by law or regulation an appraiser must

A

comply with USPAP.

143
Q

USPAP applies to which types of properties?

A

Tangible and Intangible

144
Q

An appraiser has the professional responsibility

A

to identify the capacity in which he or she is performing.

145
Q

An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment.

A

true

146
Q

When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role.

A

Mislead

147
Q

Identify the problem

A

The first step in the appraisal process.

148
Q

If an appraiser has appraised a property multiple times within the prior 3 years he must disclose the number of times he appraised the property to a prospective client.

A

true

149
Q

An appraiser may use an combination of a property inspection and documentation in identifying relevant characteristics of the subject property.

A

true

150
Q

Demand Studies
Supply Studies
Marketability Studies

A

Market Analysis

151
Q

Site as though vacant.
Ideal Improvement
Property as Improved

A

Highest and Best Use Analysis

152
Q

The purpose of including a signed certification in an appraisal report.

A

For the appraiser to acknowledge his/her ethical obligations.

153
Q

If an appraiser is asked to develop an opinion of the quality of another appraiser’s work and to agree or disagree with the value conclusion:

A

This is a 2-Stage Assignment

154
Q

STANDARD 6, Mass Appraisal, applies to:

A

Both real and personal property

155
Q

When appraising personal property, the appraiser must analyze prior sales of the subject over what time period?

A

A reasonable and applicable time

156
Q

Under STANDARD 8, a personal property appraiser has _________ different report options.

A

3

157
Q

Which reports require a signed certification?

A

All oral and written reports covered in USPAP

158
Q

Developing an opinion of value of a property as of a specific future date is:

A

A prospective appraisal

159
Q

estimated length of time that property being appraised would have been offered on the market prior to a sale

A

exposure time

160
Q

value is an opinion and never a

A

fact

161
Q

is a fact or an estimate of fact

A

cost

162
Q

becomes fact once it is stated

A

price

163
Q

if the assignment involves appraisal, appraisal review, appraisal consulting, the appraiser must have a ____ for that assignment

A

workfile

164
Q

Problem identification, scope of work, disclosure obligations are part of

A

three section rule

IAAO 311 (1 decks)

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