Mass Appraisal and Statistical Analysis Flashcards
6 cards from real CAE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Mass Appraisal and Statistical Analysis flashcards as text
What is the primary purpose of mass appraisal in property assessment?
Answer: To automate and standardize property valuations
Mass appraisal involves valuing a group of properties as of a given date using standardized procedures and statistical testing for equity and uniformity.
Which statistical measure is most commonly used to determine the accuracy of a mass appraisal model?
Answer: Coefficient of dispersion (COD)
The coefficient of dispersion (COD) is used to measure the uniformity of assessments in mass appraisal.
Which variable is typically considered in a mass appraisal regression model?
Answer: Living area in square feet
Living area (square footage) is a significant factor in valuation models used in mass appraisal.
In mass appraisal, what is the significance of stratification?
Answer: To group similar properties for analysis
Stratification groups similar properties together to improve model accuracy and consistency within valuation models.
What is the purpose of calibration in a mass appraisal model?
Answer: To adjust the model to reflect market data
Calibration fine-tunes model coefficients to align estimated values with actual market values for accuracy.
Which of the following best defines 'model specification' in mass appraisal?
Answer: Defining variables and equations used in the model
Model specification defines the functional form and variables included in a mass appraisal model to estimate property values accurately.