What are the three basic models used in mass appraising?

The correct answer identifies the three basic models used in mass appraising as additive, multiplicative, and hybrid.

In mass appraisal, the additive model combines various factors or characteristics of properties linearly to derive values. This model assumes that the total value of a property can be understood as the sum of its individual components, which is useful for straightforward valuation scenarios.

The multiplicative model, on the other hand, takes into account the interaction between various characteristics, suggesting that certain factors might amplify or diminish the effects of others when determining value. This model is particularly suited for scenarios where the relationship between property features is more complex and not additive.

The hybrid model integrates both additive and multiplicative approaches to leverage the strengths of both methods. It allows appraisers to dynamically tailor their modeling of property values depending on the specific attributes and relationships present, making it versatile for various types of properties and data sets.

Recognizing these three models helps appraisers select the most appropriate approach for their specific property valuation needs, ensuring that they can develop accurate and defensible property assessments.