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IAAO > deck_1036623 > Flashcards

deck_1036623 Flashcards

1
Q

Mass appraisal uspap standard #?

A

6

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2
Q

Supply factors

A

Building costsInterest ratesEconomic conditions

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3
Q

A physical, conceptual, or mathematical representation of how something works

A

Model

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4
Q

Income model structure

A

I\R=V

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5
Q

Basic steps of model Building

A

SpecificationCalibrationStructure

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6
Q

Model specification

A

What to include in what format

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7
Q

Model calibration

A

Development of variation schedules, formulas, tables

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8
Q

Model structure

A

AdditiveMultiplicativeHybrid

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9
Q

Hybrid additive cost model

A

MV=GQx((PlxLSIZE)+(PBxBSIZE))

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10
Q

Basic sales comparison approach

A

MVs=Sc+ADJc

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11
Q

General appraisal process 7 steps

A

Define valuation problemDetermine scope of workPreliminary analysis and planSelect and collect dataDetermine highest and best useApply appropriate valuation approachesReconcile and report opinion of value

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12
Q

Demand LCQ

A

LocationConditionQuality of construction

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13
Q

Supply BIE

A

Building costsInterest ratesEconomic conditions

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14
Q

Exploratory data analysis-DDMT

A

Data quality reviewData distributionsMarket patterns and relationshipsTime trends

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15
Q

Model development

A

SpecificationCalibrationQuality assurance

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16
Q

Model ARR

A

ApplicationReview and reconciliationFinal value determination

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17
Q

Batch data entry

A

Held in temporary file until uploaded

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18
Q

Start and end with

A

Ratio study

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19
Q

Binary variable

A

Quant-Yes or no. (0,1) Qual-nom-swimming poolQual-ord-view of mountains

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20
Q

Discrete variable

A

Qualitative items that have 3 or more predefined values

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21
Q

Range edit

A

Sq ft 400-9000Yr blt

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22
Q

Consistency edit

A

Lot area > gfla

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23
Q

Convey information about presumed rank

A

Ordinal values

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24
Q

May be alphabetic or numerical but convey nothing about rank

A

Nominal vslues

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25
Q

Data inventory manuals describe

A

How to collect and code data

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26
Q

The completeness of the available data

A

Quantity

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27
Q

Standard deviation

A

Find meanSubtract and square differencesSum and divide by n-1Find sq rt

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28
Q

COV

A

Divide SD by meanMultiply by 100

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29
Q

Dependent is on which axis?

A

vertical

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30
Q

Independent variable on which axis?

A

Horizontal

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31
Q

Polygon chart aka

A

LineCan show multiple variables

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32
Q

Chart a frequency distribution using a

A

Histogram

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33
Q

5 measures of dispersion PQRSC

A

PercentilesQuartilesRangeStandard deviationCOV

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34
Q

Shows the distribution of values for two binary or discrete variables

A

Cross tabulations

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35
Q

A ____can be used to show several variables simultaneously

A

Polygon

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36
Q

_____ compare statistics by strata, like av sale price by nhbd

A

Breakdowns

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37
Q

______ show summary stats for dep variable by combo of 2 ind variables. Av sale price per sq ft by grade and nhbd

A

Contingency table

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38
Q

Three components of property tax system

A

Assessment, appeal, collection

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39
Q

4 components of mass appraisal system-DEMM

A

Data collectionExploratory data analysisModel developmentModel application review and reconciliation

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40
Q

Three methods to evaluate data adequacy

A

FieldRatioPilot

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41
Q

Multiple parcels should/should not be auto excluded

A

Not

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42
Q

1,2,3 SD

43
Q

COV is SD divided by

A

Mean ratio

44
Q

PRD LOW=POOR

45
Q

PRD HIGH=RICH

A

REGRESSIVE

46
Q

PRD FORMULA

A

Mean/weighted mean

47
Q

____ or line charts can accommodate multiple data sets on the same graph

48
Q

Direct costs

A

MaterialsLaborSupervisionBuilding permits

49
Q

Indirect costs

A

Arch. And eng. feesInsuranceInterestTaxes during constructionMarketing

50
Q

Most common method in mass appraisal cost approach

A

Comparative unit

51
Q

Obtaining sales data 3 diff ways

A

MailTelephoneInterview

52
Q

Most common measure of appraisal uniformity

53
Q

A measure of vertical equity

54
Q

Iaao standard level of appraisal between

55
Q

______ should contain replacement cost tables, depr sched, guidelines

A

Cost manuals

56
Q

Deprec sched must be derived from the

57
Q

Floors and roofing are examples of ____ cost components

A

Horizontal

58
Q

Quantity survey requires

A

Detailed knowledge

59
Q

Competitive unit costs are expressed on a per _____ basis

60
Q

A good way to show the distribution of qualitative variables is

A

Cross tabulation

61
Q

Relationship between 2 quantitative variables

A

Scatter diagram

62
Q

2 binary or discrete variables

63
Q

Cod based on

64
Q

Cov based on

65
Q

Market value is constant+property featuresxdollar rates

A

Additive model

66
Q

Market value is base rate x adj factors

A

Multiplicative

67
Q

Market is parts of additive and multiplicative

A

Generic hybrid

68
Q

Strengths of mra

A

Based on salesNo land valueEffective software

69
Q

Limitations of mra

A

Requires accurate data and salesCannot directly calibrate the hybrid generic models

70
Q

3 approaches to stratification and location analysis

A

Geographic stratificationCluster analysisGlobal model w location adjustments

71
Q

_____ analysis can be very effective for homogeneous properties

A

Per unit value

72
Q

Estimating unknown data based on known is

73
Q

Mv=b0

74
Q

Broad geographic areas with similar economic influences

A

Market areas

75
Q

Group similar subdivisions and neighborhoods

76
Q

Trial and error process

77
Q

The systematic appraisal of groups of properties using standard procedures and statistical testing

A

Mass appraisal

78
Q

Bo constant

79
Q

GQ

A

Generic hybrid

80
Q

Base rate

A

Multiplicative

81
Q

MV=I/R

A

MV=NOI/OAR

82
Q

Data collection and maintenance-market data

A

Sales dataIncome and expenseCost

83
Q

Histogram/bar chart how many variables

84
Q

Percentile formula

85
Q

Cross tabulations how many variables

A

2 variables

86
Q

Line chart has multiple

87
Q

Divide appraisal value by

A

Sales price

88
Q

Calculating COD

A

Find medianCalculate absolute deviationSum differencesDivide by # of salesDivide by median

89
Q

Cost table sources. SMIC

A

Commercial cost servicesMass appraisal companiesState agenciesIn house

90
Q

Unit in place cost method

A

Estimate costs of each component Horizontal-floors, roofingVertical-walls

91
Q

Iterative trial and error process

92
Q

Automated comparable sales analysis

A

Computerized algorithm selects most comparable sales

93
Q

Limitation of comparable sales method

A

Values may be choppy

94
Q

Cluster analysis identifies ____ groups of properties

A

Homogeneous

95
Q

Lvrsa

A

Find and computing distances from value influence centers

96
Q

Data collection must be ____ and _____ to ensure quality control

A

Edited tested

97
Q

The dep variable in gross income models should be

A

Gross income per unit

98
Q

Ind variables in gross income models should be

A

Property characteristics

99
Q

Most common stratification in mass modeling

A

Geographic

100
Q

basic model for cost approach is

A

MV=LV+(RCN-D)

101
Q

finding a third quartile

A

.75(n)+.75

102
Q

A good way to show the distribution of qualitative variables is

A

cross-tabulation

103
Q

Current cost of building is 200k. Current cost factor is 180, 3 yrs ago 150. What would this building cost 3 years ago?

A

150/180=.83*200=166k

IAAO (3 decks)

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