Course IA Flashcards
What is “Value Comp”?
The comp with the least number of adjustments
Individual assessment divided by individual sale price equals?
Sales Ratio
Level of Assessment is measured using?
Median Ratio
The acceptable standard for assessment bias is within a range of ______ and _______?
.95(95%) - 1.10(110%)
Mean Deviation divided by Median equals?
C.O.D. - Coefficient of Dispersion
The acceptable standard Level of Assessment is between ______ and ______?
.36(36%) - .44(44%)
What does the P.R.D. measure?
Assessment Bias
RCN-D+L= Value
Depreciation
+
Land Value
=
Cost Approach to Value
Sales Ratio - Median Ratio=
Deviation from the Median
What is the difference between Curable and Incurable?
Economic Feasibility
The acceptable standard for uniformity is a coefficient less than ______ for RESIDENTIAL properties, and less than ______ for NON-RESIDENTIAL properties.
.15(15%) - .20(20%)
What is the BASIS for adjustments?
Contribution
Four methods for calculating improvement values in the cost approach?
Quantity Survey
Unit in Place
Square Foot/Cubic Foot
Trended Historical Cost
RCN-D+L=Value is a formula for which approach to value?
Cost
Adjustments are always made to the ______ property, never the ______ property
Comparable
Subject
What is Reproduction Cost New?
Cost to build an EXACT REPLICA
What is Replacement Cost New?
Cost the build an EQUIVALENT
Total Assessment divided by Total Sales Price=
Aggregate Ratio
What is I ÷ R x V?
Income divided by Rate times Value
What is V ÷ I x M?
Value divided by Income times Multiplier
What is the first step in the appraisal process?
Define the problem
______ is when a reasonable customer will pay no more for a property that the cost of acquiring and equally desirable and valuable alternate property
Substitution
What does the C.O.D measure?
Uniformity
Where is the best place to obtain data?
The local market
