AVM Glossary

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  • A form of bar chart used in project management. Each element (task) of a project is represented by a horizontal bar. The bars are placed on the chart according to a time scale. The left end of each bar indicates when the task is to begin. The length of each bar indicates the duration of the task. The right end of each bar indicates when the task is to be completed.
  • Given authoritative recognition by professional bodies such as the Financial Accounting Standards Board and its Generally Accepted Accounting Principles (GAAP).
  • A code used to locate or identify a point, such as the center of a parcel of real estate, geographically. The code is composed of the east - West and north - South coordinates of the point relative to some standard point of reference.
  • Geographical referencing or coding of data.
  • (1) A database management system used to store, retrieve, manipulate, analyze, and display spatial information. (2) One type of computerized mapping system capable of integrating spatial data (land information) and attribute data among different layers on a base map.
  • A measure of central tendency computed by multiplying the values of all of the observations by one another and then taking the result to an exponent equal to one divided by the number of observations. The geometric mean is particularly appropriate when a typical rate of change is being calculated, such as an inflation rate or a cost index.
  • A statistical estimate of the amount, and hence the importance, of the errors or residuals for all the predicted and actual values of a variable. In regression analysis, for example, goodness of fit indicates how much of the variation between independent variables (property characteristics) and the dependent variable (sales prices) is explained by the independent variables chosen for the AVM.
  • The number of valuations delivered relative to the total number of property addresses in the test sample; usually expressed as a percentage (e.g., 1,000 properties were submitted to an AVM and 600 properties were returned for a 60% gross hit rate).

Sources:

a)       AVMetrics

b)      AVMs 201: A Practical Guide to the Implementation of Automated Valuation Models, Jim Kirchmeyer, 2008.

c)       IAAO 2015, Glossary for Property Appraisal and Assessment, 2015. (2013 online: https://www.iaao.org/media/Pubs/IAAO_GLOSSARY.pdf )

d)      Collateral Assessment & Technologies Committee, Summary of Definitions & Terms, 2006.

e)      Joint Industry Task Force on AVMs, IAAO Standard on AVM Glossary, September 2003. https://www.iaao.org/media/standards/AVM_STANDARD.pdf

f)        Appraisal Institute, Joint Industry Task Force on Automated Valuation Models, Work Group Terminology, 2005.

g) Merriam-Webster (https://www.merriam-webster.com/)