Making sure the square footage of a basement is not greater than
the square footage of the finished area is what type of edit? -
ANSWER--Consistency/Logic
A listing of data in order of magnitude (largest to smallest) is called
an? - ANSWER--Array
The highest bar in a histogram represents what? - ANSWER--A
Common level of appraisal
A histogram that shows data distributed normally has what shape?
- ANSWER--Bell-Shape
Find the Standard Deviation using the following numbers. Round to
the nearest Whole Number.
20
22
28
34
38 - ANSWER--Standard Deviation = 7.67 or 8
Find the 25th Percentile given the following numbers:
1400
1460
1500
1580
1620
1700 - ANSWER--1445
What is the best way to display the relationship between SFLA and
Sale Price? - ANSWER--Scatter diagram
,What is the best way to display the relationship between average
sale price and construction class in three different Neighborhoods?
- ANSWER--Contingency Table
What is the most common measure of central tendency? -
ANSWER--Mean
What is the best way to display the distribution of continuous and
discrete variables? - ANSWER--Box Plot
What expresses the Standard Deviation as a percentage? -
ANSWER--Coefficient of Variation or C.O.V.
What type of sales are preferred in sales ratio studies? - ANSWER-
-Single Parcel sales
When confirming sales to be used, adjustments may need to be
made. What is a typical adjustment? - ANSWER--Time
Adjustment/Market Adjustment
Which data analysis tool is helpful to identify outliers and extreme
outliers? - ANSWER--Box plots
Given the data set below, find the Median, COD, and PRD. Sale
Price: $125,000, 110,000, 120,000, 130,000, 125,000
Appraised Value: $130,000, 98,000, 115,000, 124,000, 119,000. -
ANSWER--Median = 0.95; C.O.D. = 3.37%; P.R.D. = 1.00
To evaluate vertical equity (PRD) graphically, what else is needed
besides sales ratios? - ANSWER--Values; Sales Prices/Appraised
Value
What is the current RCN given the following information? Original
Cost: $260,000
,Square Feet: 6,000
Index at time of construction: 180
Current Index: 220 - ANSWER--RCN = $260,000 x 1.22 =
$317,200
Where can cost tables and schedules be obtained from? -
ANSWER--Marshall & Swift, state agencies, in-house
What is the most common costing method? - ANSWER--
Comparative Unit per Square Foot
Price Related Differential is a measure of what? What is the
acceptable range? PRD greater than 1 means what? PRD less
than 1 means what? - ANSWER--1. vertical equity
2. 0.98 to 1.03
3. Regressive
4. Progressive
Overhead and profit are examples of what type of cost? -
ANSWER--In-direct costs
What is the most detailed cost estimation method? - ANSWER--
Quantity Survey
Cost models are what type of model? - ANSWER-- Hybrid(Generic)
Cost Model
Trending using medians would be done by dividing the target
median by the actual median. True or False - ANSWER--True
The IAAO acceptable median range is what? - ANSWER--0.90 to
, 1.10
Find the 40th percentile for the following data set:
$80,000 82,600
84,000
87,100
90,000
96,000 - ANSWER--$83,720
What is the current cost given the following? Round to 2 decimal
places.
Original Cost $160,000 Index at construction 1.4
Current Index 1.7 - ANSWER--$193, 600
What type of model is the following:
MV = B0 x SQFTB1 x QUALB2 x ?B3 - ANSWER--Multiplicative
model
What type of analysis combines subdivisions into Market Areas? -
ANSWER--Cluster analysis
What is not a strength of Multiple Regression Analysis? -
ANSWER--No separate land or building value
What modeling process adjusts to information gained as sales are
sequentially considered and reconsidered? - ANSWER-- Feedback
or AEP
What is the main advantage of the automated sales algorithm? -
ANSWER--User determines variables to be considered
What type of analysis handles proximity and location influences? -
ANSWER--Global Analysis
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