deck_2852689 Flashcards
1
Q
A ____ _____ helps evaluate what data to collect and the best way to collect it
A
Pilot study
2
Q
Iaao standards recommend inspections every ___ years
A
6
3
Q
Mailing questionnaires, telephone, personal contact, and trade publications are all methods for obtaining ___ and ____ data
A
Income , expense
4
Q
Square foot area is considered what type of data?
A
Continuous (quantitative)
5
Q
Condition rating is considered what kind of data?
A
Discrete (qualitative)
6
Q
What type of data has only 2 options. Yes or no
A
Binary
7
Q
Converting a discrete variable to relative values or numerical ratings is termed ________ transformation
A
Scalar
8
Q
Natural log of 150
A
5.011
9
Q
What type of transformation helps address the interactive relationship of a size related variable with quality related variable?
A
Multiplicative
10
Q
The division of one variable by another (sq ft by # of rooms) is a ____ transformation
A
Quotient
11
Q
Both mass and single appraisal use
A
3 basic approaches to value
12
Q
First step in the mass appraisal process
A
Definition of problen
13
Q
3 types of data that must be collected in analyzing the market
A
General SpecificComparative
14
Q
Identifying supply and demand factors that best explain values in a market and expressing them in an equation is called model _____
A
Specification
15
Q
Developing adjustment weights or coefficients is part of model ______
A
Calibration
16
Q
Price, price of related commodities, consumer tastes and preference, consumers income, and consumer expectations are
A
5 determinants of demand
17
Q
Price, availability and cost of related goods, technology are
A
3 determinants of supply
18
Q
V=bo + (b1*X1) is the model structure for a
A
Additive model
19
Q
_____ models assume that the impact of property characteristics upon value is interactive
A
Multiplicative
20
Q
______ or ______ areas are broad geographic areas subject to similar economic influences
A
Market, economic
21
Q
Sub-areas or _____ are groups of properties that share similar location and amenities
A
Neighborhoods
22
Q
_______ ______ are used primarily in the development of MRA models, while _______ are used to develop regression variables
A
Market areas, sub-areas
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
24
Q
______ are those values that include given percentages of the data set
A
Percentiles
25
_______ show the relationship between two qualitative variables
Cross-tabulations
26
_______ can be used to show several variables simultaneously
Polygons (Line charts)
27
The analysis of a continuous variable with two qualitative variables can be accomplished using ____ ______or _____ ______
Contingency tables, 3D plots
28
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
Parametric, non parametric
29
One of the most common statistical test that is used to determine whether the mean equals a given value is
T-test
30
_____ ______ are valuable to assessors, because they provide meaningful information about the probable range of the true measures of central tendency
Confidence intervals
31
The ____ model is the most flexible, and the most difficult to calibrate
Hybrid (generic)
32
COV formula
Standard deviation/mean x 100
33
Calculate COD
Average absolute deviation from median / n then divided by median x 100
34
PRD formula
Mean/weighted mean
35
Percentile formula
K= p(n)+p
36
Confidence interval formula
Mean+-tstat(Sx/sqrt n)
37
PRD formula
Mean/weighted mean
38
Sales ratio formula
Appr value/sales price
39
The preferred measure of assessment level and most ratio studies is the
Median
40
Which measure of central tendency ways each ratio and proportion to its sale price
Weighted mean
41
The _______ is the most widely used measure of uniformity in ratio studies
COD
42
The _______ expresses the standard deviation as a percentage, making comparisons among groups easier
COV
43
The predictive power of the coefficient of variation depends on the extent the data is
Normally distributed
44
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
Negative, lower
45
The price related differential is calculated by dividing the ______ by the _______
Mean, weighted mean
46
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
Under, over
47
In the cost approach model, construction costs represent the ______ side of the market, while depreciation represents the _______ side of the market.
Supply, demand
48
The first step and specifying cost models is to _______ improvements into homogeneous groups
Stratify
49
And developing a cost table, a _________ ______ can be used to develop the relationship between the cost per square foot at area
scatter diagram
50
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
Multipliers, lump sum
51
What three types of sales should be excluded with deriving depreciation schedules from the market
Mixed-use parcels, parcels with additional buildings, parcels with extreme land to building ratios
52
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
Visually by head, using graphics software, using multiplicative or non-linear MRA
53
Market calibration of cost models can be best accomplished by using ______or through the use of ______
Ratio studies, MRA
54
Expected increase in future home prices would most likely _____ the current demand for owner occupied residential property
Increase
55
Data mailers are most frequently used
Verify existing property data
56
Scalar values are best centered on 1.00 in
Multiplicative models
57
What statistical technique would be most appropriate for grouping similar subdivisions for modeling purposes
Cluster analysis
58
Average percentage deviation from the median best defines what
COD
59
The IAAO standards for the COD for older, heterogeneous residential property is
15.0 or less
60
Assessors need skills and single property appraisal to
Defend values
61
In a statistical test, this statement or conclusion that is excepted in the absence of sufficient evidence to the contrary is known as the
Null hypothesis
62
Consider the following ratios; .89, .96, 1.08, 1.14, 1.2. What is the coefficient of variation
COV=SD/mean12.1
63
In mass appraisal, the sales comparison approach uses either the ______, ______or ______model formats to arrive at final value estimates
Additive, multiplicative, or hybrid
64
________ is a statistical technique for estimating unknown data based on known and available data
MRA
65
In regression statistics the _______is the ratio of a regression coefficient to it standard error (The higher the ratio, the more significant the variable)
T-value
66
In an additive MRA model b0 represents the _____ and X1, X2 represents the __________
constants, independent variables
67
The successful application of MRA models in mass appraisal require accurate ___________ data, adequate sales, good model building skills and variables to capture significant ______ influences.
property characteristics, location
68
The regression statistic ______ is the percentage of the variation in sales price explained by the model.
R-square
69
In regression statistics, the standard deviation of the regression error is termed the __________.
standard error of estimate
70
Calibrating the model directly, not being effected by outliers, and providing separate land and building values are strenghts of
feedback
71
software limitations, proprietery algorithms, lacking diagnostics are limitations of
feedback
72
percentile formula
k=(p)(n)+p
73
Scalar variables using the multiplicative are centered around
1
74
Scalar variables using the additive are centered around
0
75
confidence interval formula
mean +-t-stat(Sx/sqrt/n)
76
PRD over 1 is slightly
regressive
77
Sales Ratio formula
Appr/Sales
78
PRD formula
mean/weighted mean
79
COD uses median or mean
median
80
COV uses median or mean
mean (SD/mean)
81
properties to be appraised, rights to be appraised, purpose, and date are steps of the
defining the problem
82
supply/demand factors correspond to model
specification
83
adjustments and factors correspond to model
calibration
84
scarce, desirable, utility, purchase power indicate
value
85
representation of how something works
model
86
Good theory, proper data analysis, and research methods are requirements of
model building
87
V=b0+(b1*X1) is what type of model
additive
88
V=R0*SIZE*F1*F2 is what type of model
multiplicative
89
V=GQ*((P1*Q1)+(Pl*Ql) is what type of model
hybrid (generic)
90
interactive model that multiplies together (log linear)
multiplicative
91
Variables independent of each other so you can ad together
additive
92
Most difficult model to calibrate, most flexible
hybrid (generic)
93
living area, qual, age, location, features are examples of
property characteristics
94
discrete data is _ or more
3
95
an exponent to which a given base must be raised to obtain a specified number
logarithm
96
_____ can be used to combine subdivisions or existing neighborhoods into larger areas for statistical analysis
cluster analysis
97
a tabulation of the number or % of cases for each value of a variable or range of values
frequency distribution
98
bar chart or graphic display of a frequency distribution
histogram
99
most common measure of dispersion
standard deviation
100
scatter- what variable is on the vertical axis
dependent
101
scatter- what variable is on the horiz axis
independent
102
quantifies the degree of linear relation between two variables
correlation analysis
103
____ hypothesis is what I believe
null
104
range in which one can have a given degree of confidence that a true but unknown value lies
confidence interval
105
monitoring appraisal performance, identifying priorities, and developing market adjustment factors is the purpose of
ratio studies
106
what represents the av % difference from the median
COD
107
PRD less than 1
progressive
108
what measures vertical inequity
PRD
109
physical deterioration, functional utility, locational are parts of
depreciation
110
___ approach is based on the principle of substitution
cost
111
linear MRA
additive models
112
loglinear MRA
multiplicative
113
nonlinear MRA or AEP (feedack)
hybrid
114
what is based on the principal of least squares
MRA
115
In the cost approach, construction costs represent the ___ side of the market and depreciation represents the ___ side
supply, demand
116
cost approach is closely related to the
hybrid model
117
when variations in size affect sale price the _____ of valuing land is most appropriate
comparative unit method
118
in mra , the ______ represents the difference between the actual and predicted sales prices
RESIDUALS
119
Which employs the Euclidean distance metric
automated comparable sales
120
accuracy, stability, and explainability are aspects of
value acceptability
121
When size is not a significant factor of land values, the ____ lot method is appropriate
base
122
direct valuation, decomposable, and additive MRA are types of models used to estimate
land values from sales data
123
once preliminary values have been produced, an _______ is an essential first step in quality control
office review
124
assessment maps, valuation reports, and prc's are needed for
field reviews
125
using simplified models, stepwise MRA, and constrained MRA can promote
greater understanding
126
Full recalibration, cyclical recal., partial recal., and prior years value and all
update strategies
127
r square is also called the coefficient of
determination
128
measure of linear correlation between 2 variables (from -1 to 1)
coefficient of correlation
129
enters values in order of their conribution in reducing SEE
Stepwise regression
130
complete and accurate data, linearity, additivity, normally distributed errors, are all
mra assumptions
131
dampening and smoothing are aspects of
AEP feedback
132
what uses VIC's
LVRSA
133
what uses MRA based on vacant lot sales
Direct Valuation
134
the testing of new methods or procedures on a sample or test area
pilot study
135
was developed with the express purpose to promote and maintain a high level of public trust as well as confidence in professional appraisal practice
USPAP
136
Appraisal process is divided into 2 distinct types of activity:
development and reporting
137
relevant property characteristics are determined by
the appraiser
138
T or F: An appraiser must not advocate the cause or interest of any party.
True
139
The property as if repaired is what type of assignment condition?
hypothetical
140
The Preamble states that USPAP is
for appraisers and users of appraisal services.
141
The stated purpose of USPAP
Promote and maintain a high level of public trust in appraisal practice.
142
When obligated by law or regulation an appraiser must
comply with USPAP.
143
USPAP applies to which types of properties?
Tangible and Intangible
144
An appraiser has the professional responsibility
to identify the capacity in which he or she is performing.
145
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.
true
146
When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role.
Mislead
147
Identify the problem
The first step in the appraisal process.
148
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.
true
149
An appraiser may use an combination of a property inspection and documentation in identifying relevant characteristics of the subject property.
true
150
Demand StudiesSupply StudiesMarketability Studies
Market Analysis
151
Site as though vacant.Ideal ImprovementProperty as Improved
Highest and Best Use Analysis
152
The purpose of including a signed certification in an appraisal report.
For the appraiser to acknowledge his/her ethical obligations.
153
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:
This is a 2-Stage Assignment
154
STANDARD 6, Mass Appraisal, applies to:
Both real and personal property
155
When appraising personal property, the appraiser must analyze prior sales of the subject over what time period?
A reasonable and applicable time
156
Under STANDARD 8, a personal property appraiser has _________ different report options.
3
157
Which reports require a signed certification?
All oral and written reports covered in USPAP
158
Developing an opinion of value of a property as of a specific future date is:
A prospective appraisal
159
estimated length of time that property being appraised would have been offered on the market prior to a sale
exposure time
160
value is an opinion and never a
fact
161
is a fact or an estimate of fact
cost
162
becomes fact once it is stated
price
163
if the assignment involves appraisal, appraisal review, appraisal consulting, the appraiser must have a ____ for that assignment
workfile
164
Problem identification, scope of work, disclosure obligations are part of
three section rule
