Which statement describes mass appraisal?

Which statement describes mass appraisal?

• A. A method based on a single recent sale.
• B. Mass appraisal uses statistical models to value many properties; data governance ensures consistency.
• C. A manual assessment done by a single appraiser.
• D. An appraisal method ignoring market trends.

Answer: (B)

Mass appraisal values a large group of properties using standardized, data-driven methods rather than evaluating each property one by one. It relies on statistical models that estimate values across many parcels based on property characteristics, location, and market information. Data governance is essential because it ensures the quality, consistency, and traceability of the data used in those models, which helps produce uniform and defensible assessments across the whole jurisdiction. This approach contrasts with valuing a single property from a lone recent sale or through a manual, one-off appraisal, and it relies on market trends to reflect current conditions rather than ignoring them. So, using statistical models to value many properties with data governance ensuring consistency is the best description of mass appraisal.

Mass appraisal values a large group of properties using standardized, data-driven methods rather than evaluating each property one by one. It relies on statistical models that estimate values across many parcels based on property characteristics, location, and market information. Data governance is essential because it ensures the quality, consistency, and traceability of the data used in those models, which helps produce uniform and defensible assessments across the whole jurisdiction. This approach contrasts with valuing a single property from a lone recent sale or through a manual, one-off appraisal, and it relies on market trends to reflect current conditions rather than ignoring them. So, using statistical models to value many properties with data governance ensuring consistency is the best description of mass appraisal.