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IAAO 300 > Iaao > Flashcards

Iaao Flashcards

0
Q

Supply factors

A

Building costs
Interest rates
Economic conditions

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1
Q

Mass appraisal uspap standard #?

A

6

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2
Q

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

A

Model

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3
Q

Income model structure

A

I\R=V

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4
Q

Basic steps of model Building

A

Specification
Calibration
Structure

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5
Q

Model specification

A

What to include in what format

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6
Q

Model calibration

A

Development of variation schedules, formulas, tables

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7
Q

Model structure

A

Additive
Multiplicative
Hybrid

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8
Q

Hybrid additive cost model

A

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

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9
Q

Basic sales comparison approach

A

MVs=Sc+ADJc

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10
Q

General appraisal process 7 steps

A 
Define valuation problem
Determine scope of work
Preliminary analysis and plan
Select and collect data
Determine highest and best use
Apply appropriate valuation approaches
Reconcile and report opinion of value
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11
Q

Demand LCQ

A

Location
Condition
Quality of construction

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12
Q

Supply BIE

A

Building costs
Interest rates
Economic conditions

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13
Q

Exploratory data analysis-DDMT

A

Data quality review
Data distributions
Market patterns and relationships
Time trends

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14
Q

Model development

A

Specification
Calibration
Quality assurance

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15
Q

Model ARR

A

Application
Review and reconciliation
Final value determination

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16
Q

Batch data entry

A

Held in temporary file until uploaded

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17
Q

Start and end with

A

Ratio study

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18
Q

Binary variable

A

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

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19
Q

Discrete variable

A

Qualitative items that have 3 or more predefined values

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20
Q

Range edit

A

Sq ft 400-9000

Yr blt

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21
Q

Consistency edit

A

Lot area > gfla

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22
Q

Convey information about presumed rank

A

Ordinal values

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23
Q

May be alphabetic or numerical but convey nothing about rank

A

Nominal vslues

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24
Data inventory manuals describe
How to collect and code data
25
The completeness of the available data
Quantity
26
Standard deviation
Find mean Subtract and square differences Sum and divide by n-1 Find sq rt
27
COV
Divide SD by mean | Multiply by 100
28
Dependent is on which axis?
vertical
29
Independent variable on which axis?
Horizontal
30
Polygon chart aka
Line Can show multiple variables
31
Chart a frequency distribution using a
Histogram
32
5 measures of dispersion PQRSC
``` Percentiles Quartiles Range Standard deviation COV ```
33
Shows the distribution of values for two binary or discrete variables
Cross tabulations
34
A ____can be used to show several variables simultaneously
Polygon
35
_____ compare statistics by strata, like av sale price by nhbd
Breakdowns
36
______ show summary stats for dep variable by combo of 2 ind variables. Av sale price per sq ft by grade and nhbd
Contingency table
37
Three components of property tax system
Assessment, appeal, collection
38
4 components of mass appraisal system-DEMM
Data collection Exploratory data analysis Model development Model application review and reconciliation
39
Three methods to evaluate data adequacy
Field Ratio Pilot
40
Multiple parcels should/should not be auto excluded
Not
41
1,2,3 SD
68,95,99
42
COV is SD divided by
Mean ratio
43
PRD LOW=POOR
PRO
44
PRD HIGH=RICH
REGRESSIVE
45
PRD FORMULA
Mean/weighted mean
46
____ or line charts can accommodate multiple data sets on the same graph
Polygon
47
Direct costs
Materials Labor Supervision Building permits
48
Indirect costs
``` Arch. And eng. fees Insurance Interest Taxes during construction Marketing ```
49
Most common method in mass appraisal cost approach
Comparative unit
50
Obtaining sales data 3 diff ways
Mail Telephone Interview
51
Most common measure of appraisal uniformity
COD
52
A measure of vertical equity
PRD
53
Iaao standard level of appraisal between
90-110
54
______ should contain replacement cost tables, depr sched, guidelines
Cost manuals
55
Deprec sched must be derived from the
Market
56
Floors and roofing are examples of ____ cost components
Horizontal
57
Quantity survey requires
Detailed knowledge
58
Competitive unit costs are expressed on a per _____ basis
Sq ft
59
A good way to show the distribution of qualitative variables is
Cross tabulation
60
Relationship between 2 quantitative variables
Scatter diagram
61
2 binary or discrete variables
Cross tab
62
Cod based on
Median
63
Cov based on
Mean
64
Market value is constant+property featuresxdollar rates
Additive model
65
Market value is base rate x adj factors
Multiplicative
66
Market is parts of additive and multiplicative
Generic hybrid
67
Strengths of mra
Based on sales No land value Effective software
68
Limitations of mra
Requires accurate data and sales | Cannot directly calibrate the hybrid generic models
69
3 approaches to stratification and location analysis
Geographic stratification Cluster analysis Global model w location adjustments
70
_____ analysis can be very effective for homogeneous properties
Per unit value
71
Estimating unknown data based on known is
Mra
72
Mv=b0
Additive
73
Broad geographic areas with similar economic influences
Market areas
74
Group similar subdivisions and neighborhoods
Cluster
75
Trial and error process
AEP
76
The systematic appraisal of groups of properties using standard procedures and statistical testing
Mass appraisal
77
Bo constant
Additive
78
GQ
Generic hybrid
79
Base rate
Multiplicative
80
MV=I/R
MV=NOI/OAR
81
Data collection and maintenance-market data
Sales data Income and expense Cost
82
Histogram/bar chart how many variables
1
83
Percentile formula
K=kn+p
84
Cross tabulations how many variables
2 variables
85
Line chart has multiple
Variables
86
Divide appraisal value by
Sales price
87
Calculating COD
``` Find median Calculate absolute deviation Sum differences Divide by # of sales Divide by median ```
88
Cost table sources. SMIC
Commercial cost services Mass appraisal companies State agencies In house
89
Unit in place cost method
Estimate costs of each component Horizontal-floors, roofing Vertical-walls
90
Iterative trial and error process
AEP
91
Automated comparable sales analysis
Computerized algorithm selects most comparable sales
92
Limitation of comparable sales method
Values may be choppy
93
Cluster analysis identifies ____ groups of properties
Homogeneous
94
Lvrsa
Find and computing distances from value influence centers
95
Data collection must be ____ and _____ to ensure quality control
Edited tested
96
The dep variable in gross income models should be
Gross income per unit
97
Ind variables in gross income models should be
Property characteristics
98
Most common stratification in mass modeling
Geographic

IAAO 300 (1 decks)

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