Primary and Secondary Data: Concepts, Concerns, Errors, And Issues. (Features) (In Appraisals Or Real Estate Market Analysis‪)‬

abstract Appraisals and market studies use two types of data--primary and secondary data. The appraiser or market analyst must know what they are and what affects them. All data used in appraisals and market studies should be current, relevant, reliable, accurate, and conceptually correct. This article presents a discussion of each of these terms and their significance in the context of the data and in the analysis. The article then discusses the nature of potential errors that can affect primary and secondary data. Several categories of errors can exist. The analyst needs to be able to recognize the error, understand its significance and evaluate the applicability of that data in the analysis.