Which variable in a model describes what is being estimated?

The dependent variable is the correct choice as it represents the outcome or the phenomenon that is being estimated or predicted in a model. In the context of mass appraising and statistical models, the dependent variable is directly influenced by the independent variables, which are the factors believed to affect or explain variations in the dependent variable.

For instance, if we are estimating property values based on factors such as size, location, and condition, the property value would be the dependent variable, as it is the subject of estimation and is expected to change as the independent variables change. Understanding this relationship is crucial in mass appraisal, as it helps appraisers identify how different attributes contribute to the overall value of properties.

The other variables mentioned, such as independent, mediating, and control variables, play different roles in the modeling process. Independent variables are those factors that are manipulated or categorized to observe their effect on the dependent variable. Mediating variables explain the relationship between independent and dependent variables, while control variables are used to account for potential confounding factors that could influence the results.