Real estate abstract
A system and method for determining comparative values of comparable
properties based on assessment percentages and sales data of the
comparable properties to ultimately determine a value for a subject
property. In a first embodiment, the "assessment percentage"
is the "base property tax" for the subject property and
comparable property. A price/tax factor is computed for each comparable
property by dividing the sale (or sold) price of the comparable
property by its base tax. The price/tax factor for each comparable
property is then multiplied by the base tax of the subject property
to generate a net comparative value for each comparable property.
To take into account appreciation for recently sold comparable properties,
an average appreciation is obtained for the area in which the subject
and comparable properties are located. The average appreciation
is pro rated to determine the comparative value for each comparable
property. On the basis of the comparative values and other pertinent
information, the value of the subject property may be set by a real
estate agent, bank, appraiser, etc. In second and third embodiments,
the "assessment percentage" is the "assessed value"
and "phase value", respectively, which are used to compute
the comparative values in a manner similar to the first embodiment.
Real estate claims
I claim:
1. A network for serving multiple user stations and providing data
related to the value of a property upon a request being entered
at a user station, the network comprising: a central unit for determining
the value of a subject property comprising:
means for receiving via telephone lines requests from a plurality
a user stations, said requests including a user specified subject
property and comparable properties for which comparative value information
is sought;
means for remotely accessing via telephone lines assessment data,
sales data and property data of a plurality of properties, including
subject property and comparable properties;
storage means for storing the property data and assessment data
for the subject property and comparable property and sales data
of the comparable properties, whereby property data and assessment
percentage data for a particular property may be retrieved from
said storage means by selecting an address or tax identification
number of said particular property;
computer means connected to the storage means, means for receiving
and means for remotely accessing, said computer control means, responsive
to a request received by said means for receiving, for retrieving
from said storage means an assessment percentage and property data
if available for said subject property, selecting comparable properties,
and determining a price/assessment percentage factor for each comparable
property by dividing the selling price of each comparable property
by the assessment percentage for the corresponding comparable property,
and determining a net comparative value for each comparable property
by multiplying the assessment percentage of the subject property
by the corresponding price/assessment percentage factor for each
comparable property; and
a plurality of remote computer-controlled user stations and means
at each remote user station for communicating with said central
unit and exchanging data therebetween, each of said remote user
stations comprising input means for specifying as a request to be
transmitted at least a subject property for which comparative values
are to be determined.
2. The system of claim 1, wherein each of said remote user stations
includes printer means for printing out the comparative values for
the computations in connection with the particular subject property
and particular comparable properties.
3. The network of claim 2, wherein each of said remote user stations
comprises display means for displaying property data and assessment
data, as well as comparable values stored by the storage means of
said central unit.
4. The network of claim 1, wherein each remote user station includes
storage means for storing property data and assessment data for
properties in table form, indexed to an address or tax identification
number of the property.
5. The network of claim 4, wherein remote user stations are assigned
for particular geographical areas, and the computer control means
of the central unit sorts the property data and assessment data
sent to the central unit by said plurality of remote user stations
according to the particular geographical areas and transmits said
data to the remote user stations for the corresponding geographical
area for storage at the remote user station.
Real estate description
BACKGROUND OF THE INVENTION
The present invention relates to a system and method for computing
the value of real estate.
It is often necessary to determine the value of property, particularly
in real estate sales, mortgage transactions and other transactions
relying on the current fair market value of property. A common method
for determining the value of property is the comparative marketing
analysis (CMA). However, CMA has some deficiencies. It involves
"guess work" on the part of the appraiser and, therefore,
often lacks accuracy.
Banks, appraisers and investors in the secondary market that buy
mortgages need accurate fair market value information of property.
Moreover, a standard in the property appraising industry would be
helpful for spotting "bad" appraisals.
SUMMARY OF THE INVENTION
It is a primary object of the present invention to provide a system
and method for determining the value of real estate which is more
accurate than methods heretofore known.
It is another object of the present invention to provide a system
and method for determining the value of real estate based on property
tax and other property assessment data.
It is yet another object of the present invention to provide a
system and method for determining the value of real estate which
is trusted by sellers, buyers, appraisers, bankers and investors
in the secondary market of mortgages.
It is still another object of the present invention to save time
in determining values of property.
It is yet another object of the present invention to provide long
term storage of comparative values.
Briefly, the present invention relates to a system and method for
determining comparative values of comparable properties based on
combining and comparing assessment data and sales data of the comparable
properties to ultimately determine a value for a particular property,
called the subject property.
In theory, tax assessors evaluate the value of property in the
same manner as a bank appraiser, by the comparative market analysis
(CMA) technique. The tax assessor applies a formula to that value
to determine property taxes. The property may be reviewed periodically.
Once the assessed value is determined, a phase-in formula may be
used to increase the value every year for a definite period of years.
The tax assessment related value may be property tax, "assessed
value" or "phase value", all of which are referred
to hereinafter generally under the term "assessment percentage".
Therefore, according to the present invention, by knowing the property
taxes paid on property, it is possible to determine the value of
property by applying a processing scheme to the tax assessment data.
A comparison is made of recently sold and unsold property to determine
a factor. This factor is then applied to data concerning the subject
property to determine the value of the subject property. In jurisdictions
having multiple assessment percentage vales, it is contemplated
that the present invention may be performed independently using
each valve, and the results of each computation compare with each
other, to serve as a check and balance.
For example, if a subject property has property taxes at $1,000
per year and a sold property has property taxes at $1,200 per year
and sold for $120,000, it is desirable to know what the subject
property is worth in relation to the sold property. The present
invention determines how much that difference is.
According to a first embodiment of the present invention, the "base
property tax" for the subject property and comparable property
is determined by subtracting from the total property tax any front
foot benefit charges (FFBC) and other special charges. Next, a price/tax
factor is computed for each comparable property by dividing the
sold (or for sale) price of the comparable property by its base
tax. The price/tax factor for each comparable property is then multiplied
by the "base property tax" of the subject property to
generate a net comparative value for each comparable property.
To take into account appreciation for recently sold comparable
properties, an average appreciation is obtained for the area in
which the subject and comparable properties are located. The average
appreciation is pro rated to determine the comparative value for
each comparable property. Finally, on the basis of the comparative
values and other pertinent information, the value of the subject
property may be set.
According to the second embodiment of the present invention, the
"assessed value" of the subject and comparable properties
are used to determine the comparative values. A price/assessment
percentage factor is computed for each comparable property, much
the same way as the price/base tax factor in the first embodiment.
Next, a net comparative value for each comparable property is computed
by multiplying the price assessment percentage factor for each comparable
property by the assessed value of the subject property. Then, appreciation
is accounted for on a pro rated basis in the same manner as in the
first embodiment.
According to the third embodiment, the "phase-in value"
of the subject and comparable properties is used to generate the
price/assessment percentage factor. Next, a net comparative value
for each comparable property is computed by multiplying the price/assessment
percentage factor for each comparable property by the phase value
of the subject property. Then, appreciation is accounted for on
a pro rated basis in the same manner as the first and second embodiments.
In each of the embodiments, the net comparative values may be adjusted
for improvements to property and/or terms of the sales contract
for sold comparable properties.
The terms "phase-in value" and "assessed value"
may have specific meanings in particular jurisdictions. However,
they may be used in other jurisdictions under different terms.
The above and other objects and advantages of the present invention
will become more readily apparent when reference is made to the
following description taken in conjunction with the accompanying
drawings.
BRIEF DESCRIPTION OF THE DRAWINGS
FIG. 1 is a block diagram of the system according to the present
invention.
FIG. 2 is a flow chart illustrating generally the steps of the
method according to the present invention.
FIG. 3 is a flow chart illustrating in detail the steps for determining
the comparative values of comparable properties according to the
first embodiment of the present invention.
FIGS. 4-11 are illustrations of the display screens used to enter
the information concerning the subject and comparable properties.
FIGS. 12 and 13 are sample computer print outs of the results according
to the first embodiment of the present invention.
FIG. 14 is a flow chart illustrating in detail the steps of the
method according to the second embodiment of the present invention.
FIGS. 15 and 16 are sample computer print outs of the results according
to the second embodiment of the present invention.
FIG. 17 is a flow chart illustrating in detail the steps of the
method according to the third embodiment of the present invention.
FIGS. 18 and 19 are sample computer print outs of the results according
to the third embodiment of the present invention.
FIG. 20 is a flow chart diagram illustrating the steps of downloading
property and assessment data from a multiple listing database, which
data is automatically operated on by the present invention.
DETAILED DESCRIPTION OF THE DRAWINGS
Glossary of Terminology
Assessment Percentage
A general term used to describe the tax assessed parameter of a
subject property or comparable property. It may include a phase
value, a base tax or an assessed value, as well as other values
assigned various terms in different jurisdictions, which relate
to the value of the property.
Price/Assessment Percentage Factor
The result of the division of the sales price by the assessment
percentage.
Net Comparative Value
The property value determination reached by the inventive system
and process before adjustments are made.
Comparative Value
The result when adjustments are made to a net comparative value
for appreciation, improvements made after the tax assessed date,
sales concessions, etc.
Base Tax
The total property tax minus FFBC and municipal charges. It is
the true property tax on a property based on its value before county
and state charges.
Price/Tax Factor
The result of the division of the sales price by the base tax.
With reference first to FIG. 1, the present invention relates to
determining value for a subject property, based on comparative values
computed for each of the sold and currently for sale comparable
properties. The number of sold and for sale comparable properties
could be less than or more than that shown. The computation of the
comparative values involves applying a processing scheme to the
tax assessment data for each comparable property to determine a
factor. This factor is then used to determine the approximate comparative
values of the comparable properties.
Shown in FIG. 1 is the system 10 according to the present invention.
The system 10 comprises a keyboard 12, a comparative computation
unit 14, a display terminal 15, a printer 16, a table storage bank
17, and modem 19 (the purpose of which is described hereinafter).
The keyboard 12 and display terminal 15 are used to enter the data
concerning each of the comparable properties and the subject property
(FIGS. 4-11). As will be described hereinafter in more detail, this
data includes assessment data and property data. "Property
data" includes current selling price or sales price if recently
sold, number of months since sales contract if recently sold, terms
of the sales contract such as seller paid closing costs and finance
fees (points) and information concerning the features and amenities
of the property/house. "Assessment data" is data related
to the "assessment percentage", including tax rate, tax
district, and the property tax, "assessed value" and "phase
value". The comparative computation unit 14 operates on the
data supplied by the keyboard, and in particular the "assessment
percentage" and sales data, to compute comparative values for
each of the comparable properties. Comparative computation unit
14 is a computer such as personal computer, or a larger mainframe
computer, which runs computer program code for implementing the
assessment analysis and has internal storage memory for storing
the program code and also interacts with the table storage bank
17 for storing and retrieving data related to the various properties.
The comparative values are ultimately displayed on display terminal
15, and printed out by the printer 16 together with other information
on each of the comparable properties and the subject property.
Alternatively, the assessment and property data concerning the
comparable properties and subject property may be accessed and downloaded
from a multiple listing computer database 18 via modem 19, under
control of the comparative computation unit 14. Most multiple listing
computer databases store property data and may also store tax information
for properties, as shown schematically in FIG. 1. If the tax data
is not stored in the database 18, it may be automatically downloaded
from a tax assessment office 21, if the office has automated facilities;
or other available data base access to the database 18 from the
comparative computation unit 14 (FIG. 20).
Turning to FIG. 2, a general outline of the steps according to
the present invention are shown. The first step which is necessary
in the first embodiment is to identify comparable property (recently
sold and currently for sale) in the same tax district and class
(and hence same tax rate) as the subject property, shown at step
20. This may be done through the use of the table of data stored
in the storage bank 17, as will be explained hereinafter, or by
"in-the-field" investigations. It is preferable, but not
necessary, that the comparable properties be in the same general
location or neighborhood, and perhaps even the same street, to serve
as the best "comparable properties". Next, in step 22,
the property information including assessment data and property
data for the comparable properties are accessed. The assessment
data may be obtained directly by accessing the database 18, or tax
assessment records for a particular jurisdiction. Next, the user
inputs the assessment data and property data for the subject property
in step 24 and then for the comparable properties in step 26. In
sum, the total of the assessment data and property data includes
a wide variety of information (FIG. 4) including the address of
the property; property tax information including total property
tax, "assessed value" and/or "phase value" FFBC
and any other special taxes; features of the property; sales data
for the comparable properties (if sold) and number of months since
the sales contract for sold properties. Again, the data in steps
24 and 26 may be obtained directly from the database 18. Reference
is made hereinafter to FIGS. 4-11 which illustrate the manner in
which the data of the subject and comparable properties is manually
entered. In addition, a user can obtain and input average appreciation
rates from the recently sold properties, the purpose of which is
described hereinafter.
Then, as shown at step 28, the assessment analysis process is implemented
in which the comparative values of the comparable properties are
computed based on the assessment percentage and average appreciation
information for the comparable properties, and the assessment percentage
for the subject property. This is the process of the present invention
and will be described in greater detail hereinafter with reference
to FIGS. 3, 14 and 17.
Adjustments to the comparative values may be made in step 29 to
take into account the presence of any home improvements made after
the tax assessor set the value of the property or other factors
including sale terms. The amount of the adjustment value depends
on the type of home improvement and is generally set to the current
market price to incorporate that feature in a newly built home.
Next, in step 30, the averages of the comparative values for the
sold and for sale comparative properties are computed, as well as
the "high" and "low" values. The "high
value" is set to be five percent above the average value and
the "low" value is set to be two percent below the average
value, to account for better than average condition property and
worse than average condition property, respectively, and to allow
negotiating room. These percentages may be adjusted by the user.
Banks and appraisers may not adjust.
In step 31 the comparative values for each comparable property
together with the other information (average, "high" and
"low" values), is printed out so that in step 32, the
user may use the comparative values to set the value of the subject
property.
Comparative valves may be generated for each assessment percentage
value available in the jurisdiction and results compared with each
other, as shown by step 34. Depending on the differences between
the values, further "on site" or other investigation of
the property may be appropriate.
FIG. 3 shows the steps of the assessment analysis routine in detail
according to the first embodiment. It is assumed that all information
concerning the subject and comparable properties has been entered
or downloaded into the comparative computation unit 14. In the first
embodiment, the "assessment percentage" is the property
tax. Initially, in step 50, the base tax is computed for each comparable
property and the subject property by subtracting from the total
tax FFBC and other special charges. Next, in step 52, a price/tax
factor is computed for each comparable property by dividing into
the sales price, the base tax for that property. Thus, each comparable
property may have a unique price/tax factor. Then, in step 54, the
net value for each comparable property is computed by multiplying
the price/tax factor for each comparable property by the base tax
of the subject property.
For the comparable properties which have recently been sold, i.e.,
in the last year, then it is necessary to account for the appreciation
of these properties since the date of sale to bring the value current.
To do this, one must obtain the average appreciation rate for the
area in which the subject and comparable properties are located.
This information can usually be obtained from a local realtor association,
and also must be input for each comparable property in step 26 of
FIG. 2. With this information, the pro rata appreciation rate of
each comparable property is determined in step 56 by dividing the
average appreciation rate by 12, then multiplying by the number
of months since the sale of the property. The resulting number is
a percentage, which when multiplied by the sale price of the property,
results in the pro rata appreciation amount in dollars. The comparative
value for each comparable property is then computed in step 58 by
adding the net value (step 54) to the pro rata appreciation (step
56).
The comparative value information is also generated for unsold
(currently on the market for sale) comparable property. For these
properties, appreciation is not taken into account and the sales
price in step 52 is rather the selling price. Therefore, step 56
is not implemented when operated on the data for these properties.
However, the net value for each property is computed and is referred
to as the comparative value.
FIGS. 4-11 illustrate the various screens generated by the computer
program and displayed on the computer display terminal to prompt
a user to enter the appropriate data. Referring to FIG. 4, the screen
includes several key functions labelled for the corresponding function
key on the keyboard 12. To proceed with entering data for analysis
by the program, the tax account number for the particular piece
of property must first be entered.
A screen for a single piece of property comprises two pages which
are selected by using the PAGE UP and PAGE DOWN keys. The first
page lists the features of the property (the aforementioned "property
data"), called the feature page, and the second page lists
the property tax data of the property (the aforementioned "assessment
data"), called the formula page.
Data concerning a particular piece of property is stored in a table
of data in the storage bank 17 and may be retrieved by selecting
a street name, street number, or tax account number when the F5
key is depressed, as shown in FIG. 5. Data is saved by depressing
the F2 key. Every time data is saved for a particular piece of property,
all of the entered data is stored in the table of properties as
shown in FIG. 5. Data may be overwritten on the screen and into
the table. Each time data is updated for a particular piece of property
and is saved, all previous data for that property is discarded unless
saved to a back-up disk for long term storage. To expedite entering
data for new properties, a user may select a property already in
the table having characteristics in common with the new property
and change only those features that are different, such as address,
etc., and then store the data for the new property under a new tax
identification number. The key is used to move the cursor to the
next property in the table.
Referring to FIG. 6, the F3 key pulls up a window on the screen
to allow the user to enter REMARKS, view and change the REMARKS
while working on the same screen with all other property data visible.
To enter the property tax data for a particular piece of property,
the user depresses the PAGE DOWN key and a screen similar to that
shown in FIG. 7 is displayed. The tax data may then be entered into
the appropriate spaces on the screen via the keyboard. For the second
and third embodiments described hereinafter, the data for the assessed
value or phase value is entered instead of the property taxes for
the TAX BILL entry. No entry is made for FFBC or SPECIAL TAX.
FIGS. 4-7 are illustrations of the screens for the subject property.
There are also screens for the comparable property sold and comparable
property unsold. FIGS. 8 and 9 illustrate the feature and formula
pages, respectively, for the sold comparable properties, which shows
that portions of the feature and formula pages are combined so that
the sales terms are displayed with the tax assessment data. Data
is entered into the screen in the same manner as for the subject
property, but data for three pieces of property are provided in
separate columns on a single screen for the comparable property.
Similarly, there are screens for the data of unsold comparable property,
shown in FIGS. 10 and 11.
Once the data for the comparable property has been entered (or
downloaded), the comparative computation unit 14 applies a processing
method to the data to determine the price/assessment percentage
factor for each comparable property. Once the data for the subject
property is entered, the price/assessment percentage factors for
each of the respective comparable properties are applied to the
data for the subject property to compute the comparable values,
as described above.
The F9 key is used to print the final report after the process
is completed. The final report is different than what is displayed
on the screen, as will be described hereinafter with reference to
FIGS. 12, 13, 15, 16, 18 and 19. Shorter form print outs may be
generated in which the property features are not included in the
print out.
In the screens shown in FIGS. 9 and 11, the results of the process
are shown for both a set of sold and a set of unsold comparable
properties with respect to a particular subject property. The program
displays the average value of sold and unsold properties and also
the "high" and "low" values for the sold properties.
The percentages for the "high" and "low" values
may be adjusted manually by the user.
FIGS. 12 and 13 illustrate the print outs of the comparative values
of each comparable property, with respect to the subject property.
FIG. 12 is a print out showing the computed information such as
base tax, price/tax factor, net value, and the ultimate comparative
value for each of the comparable sold properties. In this example,
it is seen that the base tax of the subject property is $1202, whereas
the base taxes for the comparable properties are slightly higher.
FIG. 13 illustrates the comparative values generated for comparable
property not sold (for sale) in the area. The final numbers for
the sold properties may be compared to those for the unsold properties
to determine which properties may be overpriced or underpriced that
are currently on the market. Attention should be paid to the underpriced
properties for sale to determine why the property may be underpriced,
when considering its impact on setting the value of the subject
property.
The selling price for the subject property may be set according
to the tax assessment analysis, together with any other factors,
such as CMA analysis, gut feeling, experience in the neighborhood,
etc.
When considering the numbers for the comparative properties sold,
the low number should probably be discarded because the low price
property may have been a distress sale, property in poor condition,
etc. The high number may be relevant depending on the market and
the magnitude of its difference from the other numbers. More than
eight percent difference from the other numbers often means that
the property was over improved, sold for cash, or in an instance
where there was no appraisal. If enough comparables exist, properties
sold over six months ago may not be given much weight because the
older the sale, the larger the room for error when determining appreciation.
FIGS. 14-19 illustrate the second and third embodiments. In the
second and third embodiments, a different value is used for the
"assessment percentage". Specifically, a value called
a "phase-in value" or "phase value" is used,
which is a predetermined percentage of the total assessed value
of the property, by the tax assessment office. The "phase-in
value" in some jurisdictions operates on a three year cycle
in which the projected increase in the value of the property is
distributed evenly over the three years. For example, a property
increasing in value from $72,000 to $84,000 would have a taxable
value of $76,000 the first year, $80,000 the second year, and $84,000
the third year, for assessment purposes. The "phase value"
changes the same in each tax district, but it-is necessary to use
properties having assessment percentage in the same tax year. In
addition, an "assessed value" is used which is a predetermined
percentage of the "phase-in value". These same values
may be given different names in different jurisdictions. However,
each is useful to determine the value of a subject property, particularly
when the comparable property is subject to tax credits, which would
artificially decrease the property tax, making the analysis according
to the first embodiment possibly inaccurate.
The assessment routine 28' is similar to that shown in FIG. 3,
but is modified as indicated by the prime to steps 52 and 54 in
FIG. 14. Specifically, the assessment routine 28' differs from the
routine 28 in that the "assessed value" of the subject
and comparable properties are used to ultimately determine the comparative
values. Again, these values may be downloaded directly from the
database 18 with the other data or input via the keyboard 12 manually.
A price/assessment percentage value factor is computed in step 52'
for each comparable property, much the same way as the price tax
factor in routine 28 Next, in step 54', a net value for each comparable
property is computed by multiplying the price/assessment percentage
factor for each comparable property by the assessed value of the
subject property. Then, in steps 56 and 58, appreciation is accounted
for on a pro rated basis in the same manner as routine 28 for sold
comparable properties.
According to the third embodiment shown in FIG. 17-19, the "phase
value" of the subject and comparable properties are used, rather
than property tax. In the assessment routine 28" a price/assessment
percentage factor is generated in step 52". Next, in step 54",
a net value for each comparable property is computed by multiplying
the price/assessment percentage factor for each comparable property
by the (phase value) assessment percentage of the subject property.
Then, in steps 56 and 58, appreciation is accounted for on a pro
rated basis in the same manner as routine 28 for the sold properties.
Much like the first embodiment, the second and third embodiments
are implemented with unsold comparable property.
FIG. 20 illustrates the steps performed to access property and
assessment data via telephone lines from MLS and the tax assessment
records office. As mentioned above, this procedure may be performed
in lieu of manually inputting the property and assessment data.
However, it is envisioned that both options be concurrently available
in the system 10.
Generally, the comparative computation unit 14 dials the multiple
listing database 18 and retrieves data in the same manner as a conventional
remote terminal accesses the database 18, which is known in the
art. Specifically, in step 120, the multiple listing database is
dialed via the modem 19. Next, in step 122, the user is prompted
to enter the address or tax identification number of a particular
property, which information is entered by the user in step 122.
The data is then "downloaded" or retrieved from the database
into the comparative computation unit 14 and each particular entry
is automatically recognized as to its appropriate "slot"
in step 124 The term "slots" refers to the particular
property data and assessment data, shown in FIGS. 4-11, and also
in the printouts of FIGS. 12, 13, 15, 16, 18 and 19. For example,
the property tax, "assessed value" and "phase value"
are recognized after their respective identification labels. The
data is coordinated in steps 126 and stored in the appropriate "slots"
in the feature page and formula page for that property, and the
data is stored into the table storage bank, among the other stored
data, available for access or immediate processing. Information
for additional property may be obtained by the user responding accordingly
in step 128. The data retrieved in steps 120-126 may be for a subject
property or a comparable property, and replaces the manual input
steps 24 and 26, in FIG. 2.
Referring again to FIG. 1, the system 10 may be embodied as a central
mainframe database as part of a network, serving multiple remote
user stations. For simplicity, only one such remote user station
is shown at 100. A remote user station 100 comprises a keyboard
102, a display terminal 104, a printer 106 and a table storage device
108. The remote user station 100, which may be a portable unit,
communicates with the system 10 and/or the multiple listing database
18, via a modem 110. The manner in which a remote user station communicates
with the system 10 is essentially the same as a remote user station
communicates with a multiple listing database, which is well known
in the art.
The system 10 creates and shares data through the table storage
bank 17, in much the same way that a multiple listing database shares
data. Instead of sharing only property data and tax information,
the system 10 shares comparative values and other information computed
and compiled by the comparative computation unit, and stored in
the table storage bank 17. Comparative analysis data already computed
for a particular subject property can be retrieved from any remote
user station. A user at a remote user station may request information
from the system 10, which is retrieved from the table storage bank
17 and downloaded to the table storage device 108, of the corresponding
remote user station. Remote user stations can also pull property
data and tax information (by dialing the database 18 or by manual
input from "in-the-field" investigation of records), compile
and send such data to the table storage bank 17. Each remote user
station may call the database 18 or system 10 to retrieve data,
while working on the same file.
Moreover, each remote user station can compute comparative value
data by accessing the system 10 for "processing time"
on the comparative computation unit, using data input by the keyboard
at the remote station or accessed from the multiple listing computer
database 18. As explained hereinafter, the comparative value data
may be sent to the system 10 for storage in the table storage bank
17, providing access to those results from other remote user stations.
The remote stations may compile data and send the data to the system
10 at night, where the data is stored in the table storage bank
17. This new data is logged in by geographical area or zip code
by the system and made available to remote user stations. Certain
remote user stations may be registered for particular geographical
areas or zip codes, in which case the system 10 would send out updated
information gathered the previous day from remote stations, to the
remote stations assigned to particular zip codes. Of course, all
remote user stations may call into the system 10 to access data
for property in other areas or zip codes.
Although the remote user stations are shown to communicate with
the system 10 by modem, it is envisioned that the system 10 could
serve multiple work stations which have direct "hard-wired"
access thereto, much like conventional intra-office or interoffice
network systems. For example, a work station may be provided at
each of several branches of a bank, real estate agency, etc., which
access a centrally located mainframe system. The network may serve
users in the same business or different businesses in the same network.
The above description is intended by way of example only and is
not intended to limit the present invention in any way except as
set forth in the following claims. |