Real estate appraisal using predictive modeling

CAFC
  • US 5,361,201 A
  • Filed: 10/19/1992
  • Issued: 11/01/1994
  • Est. Priority Date: 10/19/1992
  • Status: Expired due to Term
First Claim
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1. A computer-implemented process for appraising a real estate property, comprising the steps of:

  • collecting training data;

    developing a predictive model from the training data;

    storing the predictive model;

    obtaining individual property data for the real estate property;

    generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model;

    developing an error model from the training data;

    storing the error model; and

    generating a signal indicative of an error range for the appraised value responsive to application of the individual property data to the stored error model.

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