SAEE Mass Appraisal Techniques 3

Question 1

What distinguishes mass appraisal from a single-property appraisal?

Accepted Answer

Mass appraisal values multiple properties simultaneously using statistical models and standardized procedures

Answer

Mass appraisal always uses the income approach exclusively

Answer

Single-property appraisals are only performed by government assessors

Answer

Mass appraisal ignores market data in favor of cost schedules

Question 2

In mass appraisal, what is the function of 'sales validation'?

Accepted Answer

Screening sales to ensure only arm's-length, market-representative transactions are used in ratio studies

Answer

Confirming that all properties in a jurisdiction have been sold recently

Answer

Verifying that sales prices were reported to the state on time

Answer

Validating that deed transfers included correct legal descriptions

Question 3

Which term describes the process of adjusting a mass appraisal model when it consistently produces values above or below market levels?

Accepted Answer

Calibration

Answer

Stratification

Answer

Reconciliation

Answer

Regression

Question 4

What is the Price-Related Bias (PRB) used to measure in mass appraisal?

Accepted Answer

The tendency for assessments to be regressive or progressive relative to property value on a percentage basis

Answer

The average percentage by which sales prices exceed assessed values

Answer

The bias introduced by using automated valuation models

Answer

The difference in assessed values between new and older properties

Question 5

In a CAMA system, what is the primary role of a 'neighborhood' or 'market area' delineation?

Accepted Answer

To group properties that exhibit similar market influences and value trends for modeling purposes

Answer

To determine property tax billing districts

Answer

To assign properties to specific assessors for field inspection

Answer

To identify properties eligible for homestead exemptions

Question 6

What does the term 'revaluation cycle' refer to in mass appraisal?

Accepted Answer

The schedule by which all properties in a jurisdiction are systematically reappraised

Answer

The number of times an individual property is inspected per year

Answer

The frequency of recalibrating regression models

Answer

The billing cycle for property tax statements

Question 7

Which of the following best describes the 'assessment level' in a mass appraisal ratio study?

Accepted Answer

The median (or mean) ratio of assessed values to sale prices

Answer

The number of properties assessed in a given year

Answer

The statutory tax rate applied to assessed values

Answer

The percentage of properties that received field inspections