What describes 'mass appraisal'?

The correct answer describes mass appraisal as a systematic approach to valuing groups of properties simultaneously using standardized procedures. This method is employed to ensure fairness and consistency in property assessment, particularly when dealing with large numbers of properties, such as residential neighborhoods or commercial districts.

Mass appraisal involves collecting data on multiple properties, applying consistent valuation techniques, and ensuring that the assessed values reflect the collective market characteristics, rather than treating each property in isolation. This approach aids assessors in efficiently determining values, especially in jurisdictions where individual appraisals would be impractical due to volume.

In contrast, other options focus on different aspects of property evaluation that do not encapsulate the essence of mass appraisal. Individual appraisals conducted at various times pertain more to one-on-one assessments rather than a large-scale, systematic process. Evaluating based on past sales emphasizes historical data but lacks the methodology that mass appraisal utilizes. Similarly, assessing based on current occupants does not align with the standardized procedures essential to mass appraisal practices, as it shifts the focus to the people living in the properties rather than the properties themselves.