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Flashcards in Real Est App Deck (61)
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1

___________________ are exercises in applied economic analysis and require the use of logical, systematic methods
for the collecting, analyzing and processing of data to produce supportive, well documented value estimates.

a. Single‐property appraisal
b. Mass appraisal
c. Both single‐property and mass appraisal
d. None of the above
2/5/2013

c. Both single‐property and mass appraisal

2

The scope of work rule has three parts and they are:
1. ________________________
2. ________________________
3 _________________________

The scope of work rule has three parts and they are:
1. Identify the problem to be solved
2. Determine and perform the scope of work necessary to develop a credible assignment
3 Disclose the scope of work in the report

3

An appraiser must do which of the following for each
appraisal:
a. Identify the problem to be solved
b. Determine and perform the scope of work necessary to develop creditable assignment results
d. Disclose the scope of work in the report
d. All of the above

d. All of the above

4

A similarity between single property appraisal is:
a. Statistical quality control procedures
b. Emphasis on standardization
c. Use of valuation schedules, tables, and formulas
d. Use of the same approaches to value

d. Use of the same approaches to value

5

The first step in the appraisal process is problem identification (also know as defining the valuation problem). Which of the following is not part of the problem identification process:
a. Define the value to be developed
b. Competitive properties
c. Date of value
d. Identify limiting conditions or limitations

B Competitive properties

6

As used in mass appraisal, a basic gross incomemodel is expressed as:
a. NOI x OAR
b. GI x GIM
c. NOI / OAR
d. GI / GIM

b. GI x GIM

v
---------
I x F

7

As used in mass appraisal, a net gross income model is expressed as:
a. NOI x OAR
b. GI x GIM
c. NOI / OAR
d. GI / GIM

c. NOI / OAR

v
-----------
I x R

8

Real estate prices are a function of supply and demand factors operating simultaneously within a market. The _____________
factors relate to availability, ____________ factors include such things as condition, size and location.
a) Supply – supply
b) Demand – demand
c) Demand – supply
d) Supply – demand

d) Supply – demand

9

Which of the following distinguish the batch procession method of file updating:

a. Data is keyed to a temporary “hold” file
b. Files are updated directly in real time
c. Edits are built into data entry programs and reported
immediately
d. Master files are updated after each record is keyed and
errors resolved (records are processed one by one)

a. Data is keyed to a temporary “hold” file

10

A reappraisal should begin and end with:
a. Planning and organizing
b. Ratio Study
c. Analysis of available resources and appraisal procedures
d. Pilot Study

A reappraisal should begin and end with:

b. Ratio Study

11

Data quality reviews, data distributions (i.e. ‐frequency distributions), market patterns (i.e. scatter diagrams, and time trends are part of what component of a mass appraisal system.

a. Model development
b. Data collection and maintenance
c. Model application review and reconciliation
d. Exploratory data analysis

d. Exploratory data analysis

12

Which is not part of the model development:
a. Specification
b. Calibration
c. Final value determination
d. Quality assurance

Which is not part of the model development:
c. Final value determination

13

In data collection and maintenance, market data involves:
a. Cost data
b. Sales data
c. Income data
d. All of the above

d. All of the above

14

A data edit where the number of rooms is less that the number of bedrooms or the total number of rooms is less than the number of bathrooms is a:

a. Hard edit
b. Range edit
c. Consistency (logic) edit
d. None of the above

c. Consistency (logic) edit

15

Five appraisers are available to field canvass 4800 parcels. Each appraiser
can work 15 parcels per day, on average. How many days will it take to complete the field canvass?

a. 64
b. 160
b. 32
c. 84

Determine how many parcels can be
inspected per day by total staff
• Then divide that number into total
parcels to be inspected
• This equals to days to complete
• 15 appraisals per day X 5 appraisers =
75 4800 parcels to do divided (/) by 75
per day = 64 days to complete

16

A corner lot (yes/no) or a swimming pool (yes/no) are examples of
what type of variable
a. A binary variable
b. A discrete variable
c. A continuous variable
d. A quantitative variable

a. A binary variable

17

A qualitative discrete variable is:
a. Heating type
b. Number of baths
c. Garage size
d. Construction grade

d. Construction grade

18

What is the third quartile of the following garage size data:

234 322 400 440 476
240 350 400 448 504
286 675 418 456 560
302 380 440 460 640
a. 448
b. 456
c. 459
d. 460
2/5/2013 35

Percentile
K= (p)(n) + p
K= .75 (20) + .75 = 15.75
Observation 15 in array is 456 #
Observation 16 in array is 460#
Difference 460 – 456 = 4
4 x .75 = 3
Third Quartile = 456 + 3 = 459
2/5/2013 36

19

The most common measure of dispersion is:
a. Mean
b. Weighted Mean
c. Median
d. Standard Deviation

d. Standard Deviation

20

A logical step of dividing data into class intervals is:
a. A histogram
b. A data array
c. A scatter diagram
d. All of the above

A histogram

21

Scatter diagrams show the relationship between ___________ variables.
a) Binary and independent
b) Dependent and independent
c) Discrete and independent
d) None of the above

b) Dependent and independent

22

What can be used to show several variables simultaneously or the same
variable for different strata:
a. Scatter diagrams
b. Polygons
c. Histograms
d. Cross tabulations

b. Polygons

23

As used in data analysis which is not a feature of box‐plots:

a. Shows distribution of continuous and discrete variables
b. Represents the inter‐quartile
range (ICR)
c. Cases beyond the “whiskers” are outliers and extreme outliers
d. Indicates a normal
distribution of the data

d. Indicates a normal distribution of the data

24

A ____________ is a graphical representation of a frequency distribution.
a. Histogram
b. Pie chart
c. Polygon
d. Scatter diagram

Histogram

25

What is the standard deviation of the ages of 5 homes.
The ages of the homes are 13,15,22,40 and 50 years old .
a. 5.6
b. 7.9
c. 11.1
d. 16.3

d. 16.3

26

The relationship between the variables, construction grade and
neighborhood , would best be illustrated by a:
a. Scatter diagrams
b. Frequency distribution
c. Histograms
d. Contingency table

d. Contingency table

27

A good way to show the distribution of qualitative variables is:
a. Cross‐tabulation
b. Histograms
c. Polygons
d. Scatter diagrams

a. Cross‐tabulation

28

The relationship between sale price and construction quality in each of
three neighborhoods would best be illustrated by a:
a. Pie chart
b. Cross tabulation
c. Histograms
d. Line chart

d. Line chart

29

A sales ratio analysis conducted for Area A reveals a 76% level of
appraisal. The target area of Area A is 95%. The sales ratio analysis
also indicated that values are fairly uniform in the area. The
assessor wishes to update values by the use of a trend factor.
Given the above data, what is the appropriate trend factor?
a. .80
b. 1.02
c. 1.25
d. 1.025

c. 1.25

Trend Factor = Target Level / Current Level
Trend Factor = .95/.76 = 1.25
This is a 25% increase

30

The best (preferred) method for developing an adjustment to a sales price for
financing is:
a. Determine the value of non‐market financing and adjust sales price
b. Reject the sales as non‐useable
c. Use without adjustment
d. None of the above

a. Determine the value of non‐market financing and adjust sales price

Methods of adjustment
• Determine value of non‐market financing adjust the
sales price ( preferred –best‐ method); OR
• Apply percentage adjustments based on type of financing or property type (preferred to doing nothing or rejecting sales).