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IAAO 300 > IAAO 300 > Flashcards

IAAO 300 Flashcards

Fundamentals of Mass Appraisisal

1
Q

The systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing

A

Mass Appraisal

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2
Q

Building Costs, Interest Rates and Economic Conditions

A

Supply Factors

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3
Q

Location, Condition, and Construction Quality

A

Demand Factors

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4
Q

Cost Data used to calibrate replacement costs and Sales Data used to calibrate land values and depreciation

A

Cost Approach

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5
Q

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

A

A Model

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6
Q

Supply and Demand factors effect…

A

Real Estate Prices

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7
Q

The determination of what data to include in the model and in what format.

A

Model Specification

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8
Q

The valuation of a particular property as of a given date.

A

Single Property Appraisal

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9
Q

USPAP Standard 6 applies to….

A

Mass Appraisal

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10
Q

Methods of evaluating data accuracy.

A

Field Study, Ratio Study, and Pilot Study

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11
Q

Data that can take on any value in a range.

A

Continuous Data (quantitative)

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12
Q

Data that has three or more predefined values.

A

Discrete Data (qualitative)

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13
Q

Data that can take one of two values (yes/no, 1/0)

A

Binary Data (qualitative)

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14
Q

Objective data that can be counted or measured and easily verified. Two data collectors should arrive at the same value.

A

Quantitative

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15
Q

Ordinal Variables that convey information about a presumed rank such as poor, average, good, better or best

A

Qualitative (subjective)

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16
Q

Nominal Variables may be numeric or alphabetic in form but convey nothing about rank or worth

A

Qualitative (subjective)

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17
Q

Three Model structures. (formulas)

A

Additive, Multiplicative, and Hybrid

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18
Q

Formula for Cost Approach

A

MV = LV + BV

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19
Q

Three Valuation approaches.

A

Cost Approach, Sales Comparison Approach and Income Approach

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20
Q

Three steps in Model Building

A

Model Specification, Model Calibration, and Model Structure

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21
Q

Which Model determines what data to include and in what format

A

Model Specification

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22
Q

Model Structure can be either

A

Additive, Multiplicative, or Hybrid.

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23
Q

The Scope of Work Rule has three parts and they are…

A
  1. Identify the problem to be solved. 2. Determine and perform the scope or work necessary to develop credible assignment results 3. Disclose the scope of work in the report.
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24
Q

Income Model

A

MV= I / R Market Value = Income / Rate I/V*R

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25
Q

Sales Data, Income, Expense Data, and Cost Data are all

A

Market Data

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26
Q

Location Data, Land/Site Data, and Building Data are…

A

Property Attributes

27
Q

Data quality review, Data distributions, Market patterns and relationships and Time trends are part of the

A

Exploratory Data Analysis

28
Q

Determines the value of characteristics variables

A

Calibration

29
Q

All reappraisals start and end with what Study

A

Ratio Study

30
Q

Sample of data tested to see if the model is going to work

A

Pilot Study

31
Q

The Three components of a Property Tax System are

A

Assessment System, Appeal System and Collection System.

32
Q

What study should be conducted to measure and evaluate the accuracy and uniformity of new values.

A

Ratio Study

33
Q

The Four components of the mass appraisal system are…

A

Data Collection and Maintenance, Exploratory Data Analysis, Model Development, and Model Application, Review and Reconciliation

34
Q

Sales Comparison Equation

A

MV = Sc +/- ADJc

35
Q

Qualitative items that have three or more predefined values e.g. (topography: level, rolling or steep) are known as

A

Discrete data

36
Q

Two types of Data Edits

A

Range Edits (predefined range) and Consistency Edits (does it make sense with the rest of the data).

37
Q

Graphical scheduling technique where output on one axis and units of time are shown on the other axis.

A

Gantt Chart

38
Q

Time formula

A

T = P / (R x S) Time = Parcels / (production rate x staff)

39
Q

This study can hep indicate the quality of existing data by showing uniformity.

A

Ratio Study

40
Q

Listing of data in order of magnitude (either ascending or descending.)

A

Array

Useful for small data sets

41
Q

Midpoint of the data that is not affected by extreme values

A

Median

42
Q

Sum of all values, and dividing that sum by the number of values. This can be effected by outliers.

A

Mean (also known as average)

43
Q

One variable Chart that shows the distribution of ratios and appraisal accuracy. Can be either continuous or discrete data.

A

Histogram or Bar Chart

44
Q

Values that divide a set of data into four equal parts when the data are arrayed in ascending order

A

Quartiles

45
Q

Values that divide a set of data in specified percentages when data is arrayed in ascending order.

A

Percentiles

46
Q

Formula to find the rank location in either the quartile or percentile

A

k = (p)(n) + p

47
Q

Minimum, Maximum, and Range, Quartiles, and Percentiles show

A

Measures of Dispersion

48
Q

What table shows the distribution of values for two binary or discrete variables

A

Cross Tabulations

49
Q

What Diagram has quantitative data and the dependent variable shown on the vertical (y) axis and the independent variable shown on the horizontal (x) axis?

A

Scatter Diagram

50
Q

What chart plots statistics for one variable against the values of another variable? (2 variables)

A

Polygon (line) Chart

51
Q

What plot shows distribution of continuous and discrete variables?

A

Box Plot

52
Q

What Diagram requires a the aid of a computer?

A

3-D diagram.

53
Q

This table shows how a single response variable (dependent and quantitative) varies with changes with two control (independent qualitative binary or discrete) variables

A

Contingency Table

54
Q

What expresses the standard deviation as a percentage of the mean?

A

Coefficient of variation SD / mean x 100

55
Q

The charting of a frequency distribution using a ___________ illustrates the extent to which sales ratios are in a normal (bell shaped) distribution

A

histogram (bar chart)

56
Q

Measure of central tendency, not effected by extreme outliers, provides an unbiased estimate of population

A

Median

57
Q

Average ratio, easy to compute, reflects the impact of all ratios including outliers and is directly impacted by extreme outliers.

A

Mean

58
Q

PRD

A

Price-Related Differential

59
Q

Shows the number of ratios falling within specified intervals, and also reveal patterns and trends of a sample

A

Frequency Distribution

60
Q

What graph shows the relationship between an independent variable and a dependent variable?

A

Scatter Chart

61
Q

What chart can accommodate multiple data set on the same graph

A

Polygon or Line Chart

62
Q

The midpoint or the middle ratio when ratios are arrayed.

A

Median

63
Q

The most common measure of appraisal uniformity.

A

COD

64
Q

The measure of vertical equity in that it looks at the equity in appraisal of low-value and high-value parcels.

A

PRD

IAAO 300 (2 decks)

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