Course 332 - Modeling Concepts introduces and explains fundamentals of mass appraisal model building. Chapter 1 explains the role of models in mass appraisal and describes basic model structures and steps in model development. Chapter 2 covers exploratory data analysis, including descriptive statistics, charts and graphs, and spatial analyses. Chapter 3 describes data transformations, which largely determine the accuracy achieved for a given database. Chapter 4 introduces multiple regression analysis, including regression statistics and options, the interpretation of results, and separation of land and building values. Chapter 5 covers the review and support of mass appraisal values and chapter 6 describes mass appraisal reporting.

The course includes a large number of demonstrations and labs using Excel, which is capable of producing basic models for a limited number of variables. Follow-up courses 333 and 334 cover residential and commercial modeling, respectively, in more depth and use the powerful but user-friendly statistical package, SPSS, in labs and demonstrations. Thus this course serves as a foundation and bridge to IAAO’s two follow-up model building courses.
 
Recommended: Course 300, Fundamentals of Mass Appraisal textbook (FMA), A solid working knowledge of Excel - AQB Approved: 33.50 QE, 33.50 CE with Exam / 30 hours CE no exam