Which types of property does STANDARD 6, Mass Appraisal, apply to?

STANDARD 6, Mass Appraisal, applies to both real and personal property, making the answer correct in acknowledging the broader scope of property types encompassed within this standard. Mass appraisal is a process used to value multiple properties simultaneously, typically used for taxation purposes, and it involves the use of statistical methods and techniques to derive values that reflect the market.

This standard recognizes that appraisers must employ consistent methodologies when valuing both types of properties to ensure uniformity and fairness in the appraisal process. It enables mass appraisals to be performed efficiently and effectively, regardless of whether the subject properties are real or personal. Understanding that both real and personal properties fall under this standard is essential for appraisers who conduct mass appraisals as it reflects the diverse nature of properties they may encounter in their profession.