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Appraisal - General > Section 2 Math & Stats > Flashcards

Section 2 Math & Stats Flashcards

1
Q

Operating Expense Ratio + Net Income Ratio

A

= 100%

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2
Q

Demand Curve has what relationship & slope

A

Inverse relationship, negative slope

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3
Q

Supply curve has what relationship & slope?

A

Direct relationship & a positive slope

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4
Q

What are the three ways to express change?

A

total, average annual, annually compounded

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5
Q

How do you measure change?

A

opinions of market participants, published data, aggregated data, extrapolation, paired data analysis, sorting data, graphing data, regression analysis linear or logarthims

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6
Q

How do you calculate change?

A

End#/Start# -1

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7
Q

Measures of Central Tendency

A

spectrum of all numbers where the population clusters

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8
Q

Measures of Dispersion

A

how widely is the data spread out

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9
Q

What is the mean? why is it not useful (con)

A

Average, affected by outliers

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10
Q

Median

A

the one in the middle

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11
Q

how do you solve for the mean on the hp

A

enter each number w/ sigma+ then calculate for the blue key on 0 (x w/ a line over it)

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12
Q

how do you solve for standard deviation on the hp

A

enter each number w/ sigma+ then g s (blue of the .)

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13
Q

What is the median? why isn’t it useful? what’s the formula

A

the one in the middle N+1/2, isn’t useful because it isn’t calculated

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14
Q

What is the mode? why isn’t it useful? what’s the formula

A

most frequently occuring observation, more than one mode, observed not calculated

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15
Q

What is the central tendency in a normal distribution?

A

68% 1 SD, 95% 2 SD, 99% 3 SDs

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16
Q

What is the central tendency in a non -normal distribution?

A

50% 1.4 SDs (not useful) 75% 2 SDs, 89% 3 SDs, 94% 4 SDs

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17
Q

What are 3 measures of dispersion

A

Range, Standard Deviation, Coefficient of Variation COV

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18
Q

How do you calculate dispersion in a range? What are the cons?

A

End #/Begin# -1 (expressed as a number not a percent .201 as 201 not 20.1%, doesn’t consider in between numbers, doesn’t consider all data

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19
Q

What is the standard deviation? How do you calculate it? what are the cons?

A

An approximation of the average distance of each item from the mean, with your HP!, need a computer or calc. With HP enter all data with Sigma +, calc gs on blue . key

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20
Q

What is the Coefficient of Variation? How do you calculate it?

A

a measure of dispersion as a percentage. A lower COV has less risk & is more reliable, SD/Average

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21
Q

Which axis has the dependent variable?

A

Y axis (usually price or value)

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22
Q

Which axis has the independent variable?

A

X axis (usually size, units etc.)

23
Q

What does the slope of the line represent?

A

The per unit adjustment

24
Q

If the slope is -1 to 0 what does that tell you?

A

Inverse relationship, negative slope, demand curve

25
Q

If the slope is 0 to 1 what does that tell you

A

Direct relationship, positive slope, supply curve

26
Q

What is it called when you extend the trend line past the last data point?

A

Extrapolation

27
Q

Trendlines are placed so the sum of the squared residuals is the smallest possible, what is this called?

A

Least Squared Error

28
Q

How do you calculate the least squared error

A

measure the distance between each data point and the trend line, square each distance, add all the squared distances, the best fit line has the leased squared differences

29
Q

Regression model

A

used to precisely place a trendline.

30
Q

Linear regression model

A

straight trend line, Y = mx +b

31
Q

What does y=mx+b calculate? What do the letters stand for?

A

Linear regression model. Y - the answer on the Y axis (value). b - the y intercept (place the line crosses y), m - slope of the line calculated as the change in x / change in y (per unit adjustment), x any number on the x axis

32
Q

How do you calculate m in a linear regression model?

A

m - slope of the line calculated as the change in x / change in y (per unit adjustment) (Y=mx+b)

33
Q

How do you do regression w/ a 12C?

A

y enter x sigma plus for all variables then take an x variable g yhat - (blue2) - use another x variable to get a change per period or per unit calculate that change per period - to get the slope, x><y key to get the correlation coeffieient r.

34
Q

what is r in regression?

A

correlation coeffiecient

35
Q

what is R2

A

Coefficient of determination

36
Q

What is a correlation coefficient?

A

r, indicates the direction of the slope either plus or minus + direct, - indirect

37
Q

What is the coefficient of determination?

A

R squared or multiple R, measures how well the whole model explains differences in the dependent variable

38
Q

Should you eliminate an outlier in regression?

A

not unless you know what causes it to be inconsistent or if the subject doesn’t have the same atypical characteristic

39
Q

when should you use a short trend?

A

when one part of the data set is more relevent than the rest

40
Q

What kind of trend lines do appraisers use? (4)

A

Straight line, polynomial (hills & valleys), power (curve that increases or decreases in an increasing or decreasing rate), exponential (%)

41
Q

Do measures of central tendency depict trends?

A

no

42
Q

When is regression a better predictive tool?

A

when the data does have a pattern

43
Q

regression analysis is similar to what other quantitative appraisal technique?

A

paired sales data

44
Q

a line with minimal slope indicates what?

A

a minimal adjustment

45
Q

for a normal distribution what can be said about the measures of central tendency?

A

all 3 measures are the same

46
Q

what is the model for a straight trend line?

A

y = mx+b

47
Q

what do you know about the slope for a straight line

A

it is constant, doesn’t change

48
Q

How are r and Rsquared related and what are their proper names?

A

The Rsquared is the Coeffiecient of Determination and it is the square of r the correlation coefficient

49
Q

As extrapolation increases what also increases

A

Risk

50
Q

what do zero residuals mean in a trend line?

A

all the data points are on the line

51
Q

what is the difference between the data points and the trend line called?

A

regression error or residual

52
Q

how do you caluculate the volume of a silo?

A

pi x r squared x height divided by cubic yards in a bushel. (they seem to provide this) (4.7 bushels of corn in a cubic yard = 27 cu ft. a bushel of corn requires 2.5 cubic feet in examples)

53
Q

how do you calculate the area of a spandral

A

area of the square - area of the circle / 4

54
Q

how do you calculate the perimeter of a spandral?

A

perimeter of a square x 25% + circumference of a circle x 25%. (Circumference of a circle is pi * diameter)

Appraisal - General (6 decks)

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