What are the common steps involved in mass appraisal?

The process of mass appraisal is systematic and involves several key steps that ensure the accurate valuation of large groups of properties. The correct answer identifies the common steps as Data Collection, Data Analysis, Model Development, and Model Review, which highlights essential activities in the mass appraisal process.

Data Collection is the foundational step where detailed information about the properties is gathered. This includes physical characteristics, location, and other relevant factors that can influence property value. Without adequate data, the appraisal process cannot be effectively conducted.

Following the collection of data, Data Analysis is performed. This step involves examining the collected information to identify patterns and trends that are relevant to property values. Effective data analysis is crucial as it forms the basis for the subsequent model development, ensuring that the models created will accurately reflect the influences on value.

Model Development is the next step, where statistical models are created using the analyzed data. This phase is critical as it involves the application of quantitative techniques to establish relationships between property characteristics and their values, thus allowing for the appraisal of properties that have not been individually assessed.

Model Review is then undertaken to ensure the developed models are accurate and reliable. This includes validating and testing the models against known values, making necessary adjustments, and confirming that they perform well in predicting property values