What is the main focus of measures of central tendency in sales ratios?

Prepare for the IAAO Mass Appraising Exam with our quiz, featuring flashcards and multiple-choice questions. Each question includes hints and explanations. Ready yourself for success!

Measures of central tendency, such as the mean, median, and mode, are primarily used to summarize and understand the average sales performance of properties in a given dataset, along with variations from that average. This focus provides insights into the typical sales ratios, allowing appraisers to evaluate how properties are valued relative to their market performance. By understanding both the average (central tendency) and its variations, appraisers can assess whether property assessments are aligned with market trends, identify outliers, or recognize patterns that may indicate issues in property valuation or sales. This understanding is crucial for accurate mass appraisal processes, enabling effective decision-making based on market behavior.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy