Evaluating condominium appraisals using project as location effect
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United States of America Patent
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May 18, 2021
Grant Date -
Jan 28, 2016
app pub date -
Jul 28, 2014
filing date -
Jul 28, 2014
priority date (Note) -
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status (Latency Note)
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Abstract
Modeling appropriate comparable properties for the assessment of appraisals entails accessing a property dataset, wherein subsets of properties represented in the property data are determined to be members of respective condominium projects. Condominium project identification information is scrubbed, standardized and updated using various techniques. An automated valuation model is applied to the property data, preferably implementing the condominium project variable as a location fixed effect variable. Appraisal reports where the subject property is a condominium are then analyzed using the results of the automated valuation model, including but not limited to ranking and displaying the appraiser-chosen comparables among the model-chosen comparables.
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