Original (Trended Historical) Cost Method
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- An index of historical costs to current costs
- Tends to produce reproduction costs
Consistency (logic) edits
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For example, it is not logical to have more bathrooms than total rooms or
for the square footage of the basement to be greater than the square
footage of the finished area.
Two basic steps in model building
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1) Model Specification: the design & determination of the mathematical
form of the model; involves determining the relevant data items to include
& in what format
2) Model Calibration: process of solving for unknown quantities including
determining coefficients, adjusting formulas, tables, and schedules to the
current market, etc.
The four components of the mass appraisal system are:
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1) Data collection & maintenance
2) Exploratory data analysis
3) Model development
4) Model application, review, and reconciliation
Interpretation of the _________ ____________ as a measure of spread or dispersion depends
on the data being "normally distributed" (approximating a bell-shaped curve)
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standard deviation
A good way to show the distribution of qualitative variables is:
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Crosstabulation
Measure of Dispersion/Spread
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1) Min, max, range
2) Quartiles
3) Percentiles
4) Standard Deviation - most common; interpretation depends on data
being normally distributed
5) Coefficient of Variation (COV) - expresses the standard deviation as a
percentage of the mean
Polygon (line chart)
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Shows:
Several variables simultaneously
The same variable on different strata
, Plots statistics for one variable (usually continuous) against values for a
noncontinuous variable
__________ is the cost for constructing an identical structure.
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Reproduction
How many steps are in the general appraisal process?
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7
Multiple Regression Analysis (MRA)
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- Statistical technique for estimating unknown data based on known data
- Effective method of calibrating additive & multiplicative models
- Cannot directly calibrate the hybrid (generic) model
Hard edit
Give this one a try later!
Give this one a try later!
- An index of historical costs to current costs
- Tends to produce reproduction costs
Consistency (logic) edits
,Give this one a try later!
For example, it is not logical to have more bathrooms than total rooms or
for the square footage of the basement to be greater than the square
footage of the finished area.
Two basic steps in model building
Give this one a try later!
1) Model Specification: the design & determination of the mathematical
form of the model; involves determining the relevant data items to include
& in what format
2) Model Calibration: process of solving for unknown quantities including
determining coefficients, adjusting formulas, tables, and schedules to the
current market, etc.
The four components of the mass appraisal system are:
Give this one a try later!
1) Data collection & maintenance
2) Exploratory data analysis
3) Model development
4) Model application, review, and reconciliation
Interpretation of the _________ ____________ as a measure of spread or dispersion depends
on the data being "normally distributed" (approximating a bell-shaped curve)
,Give this one a try later!
standard deviation
A good way to show the distribution of qualitative variables is:
Give this one a try later!
Crosstabulation
Measure of Dispersion/Spread
Give this one a try later!
1) Min, max, range
2) Quartiles
3) Percentiles
4) Standard Deviation - most common; interpretation depends on data
being normally distributed
5) Coefficient of Variation (COV) - expresses the standard deviation as a
percentage of the mean
Polygon (line chart)
Give this one a try later!
Shows:
Several variables simultaneously
The same variable on different strata
, Plots statistics for one variable (usually continuous) against values for a
noncontinuous variable
__________ is the cost for constructing an identical structure.
Give this one a try later!
Reproduction
How many steps are in the general appraisal process?
Give this one a try later!
7
Multiple Regression Analysis (MRA)
Give this one a try later!
- Statistical technique for estimating unknown data based on known data
- Effective method of calibrating additive & multiplicative models
- Cannot directly calibrate the hybrid (generic) model
Hard edit
Give this one a try later!
