Chapter 4

Question 1

_______ is an essential element in rational investment decision making

Answer 1

market research

Question 2

_______ and _______ and _______ values require market research and analysis

Answer 2

Reliable revenue, expense forecasts, estimates of future market

Question 3

______ permit evaluation of management performance and identification of potential areas of performance improvement.

Answer 3

Market data

Question 4

Research should be pursued to the point where incremental research and analysis costs…

Answer 4

equal incremental benefits anticipated

Question 5

To a significant extent, market research programs are dictated by the nature of the _______.

Answer 5

research problems

Question 6

To a significant extent, market research programs are dictated by the nature of the research problems. • Generally, however, the program will…

Answer 6

start with a definition of the problem and proceed to selection of data collection methods and research design.

Question 7

Data are ______, _______, and _______, and the research report is prepared.

Answer 7

collected, analyzed, interpreted

Question 8

Usually, the most useful approach is to proceed from

Answer 8

the general to the particular, from wide-area market and demographic forecasts to projections about a specific property.

Question 9

Because wide-area data are generally more readily available and more amenable to reliable forecasting, analysts depend heavily on …

Answer 9

identifying consistent relationships between regional and neighborhood phenomena

Question 10

Because wide-area data are generally more readily available and more amenable to reliable forecasting, analysts depend heavily on identifying consistent relationships between regional and neighborhood phenomena.
o They exploit observed relationships to generate…

Answer 10

useful estimates of a property’s prospects, based on the relationship and an aggregate forecast.

Question 11

_______ are designated as primary or secondary, depending on whether data are collected specifically for a current research problem or for some other purpose.

Answer 11

Data sources

Question 12

Data sources are designated as _______ or _______, depending on whether data are collected specifically for a current research problem or for some other purpose.

Answer 12

primary, secondary

Question 13

data collected for other uses

Answer 13

secondary data

Question 14

_______ are generally more convenient and less costly to collect but are likely to be in a format or in units other than those needed.

Answer 14

secondary data

Question 15

should be collected only after exhausting all available sources of secondary data.

Answer 15

primary data

Question 16

________ are gathered by communicating with research subjects or by observing and reporting on their actions

Answer 16

primary data

Question 17

Primary data are gathered by communicating with research subjects or by observing and reporting on their actions. • Communication is…

Answer 17

more versatile and, where practical, tends to be faster and more cost-effective

Question 18

Primary data are gathered by communicating with research subjects or by observing and reporting on their actions.
_______ is sometimes introduced, however, by the tendency of respondents to give answers they believe researchers expect.

Answer 18

subjectivity

Question 19

Most market research is _______

Answer 19

descriptive in nature

Question 20

________ may involve a one-time sampling from a population of research interest (cross-sectional data) or repeated measures of the same phenomena to detect changes over time (time series data).

Answer 20

descriptive studies

Question 21

one-time sampling from a population of research interest

Answer 21

cross-sectional data

Question 22

repeated measures of the same phenomena to detect changes over time

Answer 22

time series data

Question 23

_______ permit conclusions to be drawn about an entire class of phenomena from observing a sample of the population

Answer 23

Inferential statistics

Question 24

Inferential statistics permit conclusions to be drawn about an entire class of phenomena from observing a sample of the population.
o	Where possible, samples from which inferences are to be drawn are

Answer 24

collected on a random basis

Question 25

Generally, however, real estate data represent _______ in which observations are judged to be representative of the underlying population of interest

Answer 25

judgment samples

Question 26

________ permit data to be displayed in an endless variety of combinations, all spatially related

Answer 26

Computerized geographic information systems

Question 27

_____ can display the data as they exist currently or, based on forecasts, as they are likely to exist at specified future dates

Answer 27

maps