Ch 1 Statistics

Question 1

How much is (459.31 + 125.75) X (329.2 - 245.85) ÷ 23.4?

Answer 1

2,083.96

Question 2

Your stock went from $124 to $188 in 3 years. What is the average percent change per year?

Answer 2

124 ENTER 188 Delta% 3 ÷
Answer is 17.2%

Question 3

A ___________ variable is defined as “The variable being estimated (outcome or response variable) in a predictive model such as a multiple linear regression equation”

Answer 3

dependent

Question 4

A(n) _______________ is defined as “a characteristic or attribute of an item, service, or individual that can change from observation to observation.”

Answer 4

variable

Question 5

An opinion can be all of the following

Answer 5

a belief, a view, a judgment

Question 6

An investor sells his apartment house for $3,450,000. The sales commission is 8.5%. What is the net amount received by the owner?

Answer 6

3,450,000 ENTER 8.5% - Answer is $3,156.750.

Question 7

“A chart or visual representation of data relying on references to two axes, which may be either numerical or categorical in scale” is the definition of

Answer 7

That defines a graph – data on two axes.

Question 8

How much is (257.32 + 23.75) X (459.2 - 345.86) ÷ 17.1?

Answer 8

1,862.95

Question 9

“The body of principles and methods concerned with extracting useful information from numerical data” is the definition of

Answer 9

That is the definition of Statistics. Inferential and Descriptive are specific types of Statistics and graphical analysis has to do with analyzing data through graphs.

Question 10

Which of these are reasons statistics are becoming more important today?

Answer 10

Comparable sales data are becoming readily available through the Internet-Some appraisers perform mass appraisals-Some clients are asking appraisers to participate in AVMs

Question 11

Your stock went from $125 to $97.25 in three years. What is the average percent change per year?

Answer 11

125 ENTER 97.25 [Delta %] 3 ÷ Answer is -7.40%

Question 12

“In statistics, items of information used to draw conclusions about, or to describe, a population” is the definition of

Answer 12

data

Question 13

All the charts and graphs in the course were prepared using

Answer 13

Microsoft Excel

Question 14

At the end of last month, your bank balance was $3,554.90. During the month you deposited $650.00, $261.25, $1,200, and $25.95. You made withdrawals of $300.00, $17.32, $1,120.45, and $33.00. What is your current balance?

Answer 14

3,554.90 ENTER 650 + 261.25 + 1,200 + 25.95 + 300 – 17.32 – 1,120.45 – 33 - Answer is $4,221.33

Question 15

At the end of last month, your bank balance was $2,754.40. During the month, you deposited $250.00, $543.25, $1,100, and $47.95. You made withdrawals of $500.00, $17.32, $914.50, and $51.00. What is your current balance?

Answer 15

2,754.4 ENTER 250 + 543.25 + 1,100 + 47.95 + 500 – 17.32 – 914.50 – 51 - Answer is $3,212.78

Question 16

You bought a house for $256,000 and sold it for $295,000, minus a 5% commission. What percent did you gain?

Answer 16

295,000 Enter 95% Answer is $280,250. 256,000 ENTER 280,250 ?% Answer: 9.5%

Question 17

You bought a house for $219,000 and sold it for $315,500, minus a 6% commission. What percent did you gain?

Answer 17

315,500 ENTER 94% Answer is 296,570 219,000 ENTER 296,570 ?% Answer is 35%

Question 18

A large sample is ______ or more.

Answer 18

30

Question 19

“A branch of statistics concerned only with characterizing, or describing, a set of numbers; the measures used to characterize a set of data, e.g., average, maximum, coefficient of dispersion” is the definition of ____________ statistics.

Answer 19

descriptive

Question 20

A branch of statistics concerned only with characterizing, or describing, a set of numbers. The measures used to characterize a set of data (e.g., average, maximum, coefficient of dispersion) or charts and tables depicting the data. defines

Answer 20

Descriptive Statistics

= part of almost every appraisal. How to interpret numbers we have.

Question 21

The process of drawing conclusions about population characteristics through analysis of sample data. defines

Answer 21

Inferential Statistics

= a more powerful tool to extend the data set we have to make predictions

Question 22

A chart or visual representation of data relying on references to two axes, which may be either numerical or categorical in scale.

Answer 22

Graph

Question 23

One of the simplest forms of descriptive statistics is x analysis.

Answer 23

graphic

Question 24

Quantitative techniques used to identify and measure adjustments to the sale prices of comparable properties; a variant of statistical analysis in which an appraiser interprets graphically displayed data visually or through curve fit analysis. Defines

Answer 24

Graphic Analysis

Question 25

An item of observation that can assume various values, for example, square feet, sales prices, or sales ratios. Variables are commonly described using measures of central tendency and dispersion. defines

Answer 25

A variable

Question 26

The variable that may be or is believed to be predicted by or caused by independent variables. defines

Answer 26

A Dependent Variable

= almost always be price or rent

Question 27

Independent variable examples

Answer 27

size in square feet, number of bedrooms, number of garage spaces

Question 28

With a x diagram, we plot two variables on a graph

Answer 28

scatter

Question 29

A series of related changes brought about by a chain of causes and effects. Trends are forecast through economic base analysis, statistical analysis, market analysis, and analysis of economic indicators and surveys. defines

Answer 29

Trend