{"id":17,"date":"2022-11-21T19:34:37","date_gmt":"2022-11-21T19:34:37","guid":{"rendered":"https:\/\/pacificvista.net\/k_engineer\/?page_id=17"},"modified":"2022-11-27T10:14:16","modified_gmt":"2022-11-27T10:14:16","slug":"knowledge-engineering-for-real-estate","status":"publish","type":"page","link":"https:\/\/pacificvista.net\/k_engineer\/","title":{"rendered":"Knowledge Engineering for Real Estate"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"17\" class=\"elementor elementor-17\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-43618c06 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"43618c06\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b842bb4\" data-id=\"b842bb4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aff5fc2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aff5fc2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-eaf2bb4\" data-id=\"eaf2bb4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-742a556 elementor-widget elementor-widget-html\" data-id=\"742a556\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2>Ontologies<\/h2>\n\n<ul style=\"list-style-type:square;margin-left: 30px;\">\n    <li>Property Types & Components<\/li>\n<li>Valuation Types<\/li>\n<li>Data & Data Storage Types<\/li> \n  <li>Inspection Types<\/li>\n  <li>Data Mining Methodologies<\/li>\n  <li>Analysis Methodologies<\/li>\n  <li>Prediction Methodologies<\/li>\n   <li>Measurment Methods & Tools<\/li>\n    <li>Rule Expression Systems<\/li>\n\n \n<\/ul>\n\n\n<h2>Developing Knowledge Bases For Real Estate<\/h2>\n<ul  style=\"list-style-type:square;margin-left: 30px;\">\n    <li>Developing Rule Systems<\/li>\n<li>Data Mining Techniques <\/li>\n<li>Knowledge Databases<\/li>\n\n \n<\/ul>\n\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39f481e0 elementor-widget elementor-widget-text-editor\" data-id=\"39f481e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p><\/p>\n\n\n\n<p><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-39bac9f\" data-id=\"39bac9f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ee5285f elementor-widget elementor-widget-image\" data-id=\"ee5285f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/pacificvista.net\/k_engineer\/wp-content\/uploads\/2022\/11\/CraytorHeader_2000_1200-1-1024x614.jpg\" class=\"attachment-large size-large wp-image-22\" alt=\"\" srcset=\"https:\/\/pacificvista.net\/k_engineer\/wp-content\/uploads\/2022\/11\/CraytorHeader_2000_1200-1-1024x614.jpg 1024w, https:\/\/pacificvista.net\/k_engineer\/wp-content\/uploads\/2022\/11\/CraytorHeader_2000_1200-1-300x180.jpg 300w, https:\/\/pacificvista.net\/k_engineer\/wp-content\/uploads\/2022\/11\/CraytorHeader_2000_1200-1-768x461.jpg 768w, https:\/\/pacificvista.net\/k_engineer\/wp-content\/uploads\/2022\/11\/CraytorHeader_2000_1200-1-1536x922.jpg 1536w, https:\/\/pacificvista.net\/k_engineer\/wp-content\/uploads\/2022\/11\/CraytorHeader_2000_1200-1.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-960ec5e elementor-widget elementor-widget-text-editor\" data-id=\"960ec5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Decision-making depends on measurement and valuation of alternative proposals.\u00a0 Measurement is objectively obtaining values based on standards that are commonly accepted by society.\u00a0<\/p>\n<p>Valuation may be solely based on such measurements; for example, monetary profit or cost (as defined by accounting standards), the anticipated rate of growth, and so on.\u00a0 At other times, valuation is also wholly or partially based on subjective considerations intertwined with the human psyche at both the individual and possibly group level.\u00a0 This makes the science of valuation particularly interesting and difficult.\u00a0 People can judge one thing as being more or less valuable than another based on complexities they do not fully understand.\u00a0 They simply sense that one thing is more valuable or has more appeal than another.\u00a0 Nonetheless, different individuals may not come to the same judgment in making such comparisons, although the existence of market value indicates that for many things of value, there is enough consensus as to what is more valuable than another,\u00a0 that market values can be established.\u00a0\u00a0<\/p>\n<p>&#8220;Market Value&#8221; is what you can get for some good or service at some location and at some point in time, given certain conditions such as being an arms-length transaction not involving force, duress, or deception. \u00a0 It also depends on other factors such as supply and demand.<\/p>\n<p>A good estimate of market value for a good or service can be determined simply by putting it up for sale on the market, in the appropriate manner and seeing just how much you can sell it for.\u00a0 However, that is often not possible.\u00a0 The seller may want to know the value of some good or service before he sells it\u00a0 This is particularly true for something such as a house that is difficult and expensive to sell,\u00a0 or possibly unique and expensive.\u00a0 Or,\u00a0 it may be imperative to assess the value of some property for inheritance or taxation purposes.<\/p>\n<p>So, there is a problem in assessing the market (or other) value of a good or service, without being able to first sell it.\u00a0 One way to do that is to find something very similar that has recently sold under the appropriate circumstances.\u00a0\u00a0 But throw in market conditions such as supply and demand (and there are many other factors to consider as well).\u00a0\u00a0 We see that it is often not easy to come up with a good estimate for market value.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211; &#8211; &#8211; &#8211; &#8211; &#8211; &#8211; &#8211; &#8211;<\/p>\n<p>What does all of this have to do with Knowledge Engineering?\u00a0 First, valuation is seriously important. In fact, there are regulatory requirements for many tasks such as taxation and lending that can result in punitive or monetary damages if not handled correctly.\u00a0 It is necessary for the Valuation Engineer to know with certainty whether his work meets prescribed requirements and provides sufficiently accurate results.\u00a0 He must have an awareness and knowledge that in fact covers rather broad areas.\u00a0\u00a0 Second, the methodologies for estimating market value can be quite complex and require the analysis of significant quantities of data using statistics, data mining tools, and many other techniques.\u00a0\u00a0\u00a0\u00a0So, the valuation engineer has to step back and consider the knowledge he both uses and develops as a separate entity.\u00a0 It should be structured so there is no duplication so that it is easy to find the unequivocal answer to any practical question or at least provide the rules, principles, and procedures that will lead to such an answer.\u00a0 So, ontologies with exact definitions and entity relationships must be developed, sometimes for particular purposes, although there should always be an attempt to generalize as a matter of avoiding duplication, and supporting protocols that are as widely applicable as possible.\u00a0 Third, &#8211; and I emphasize this is not a complete compilation of reasons for knowledge engineering &#8211; protocols (also called &#8220;guidance&#8221;\u00a0 or &#8220;standards&#8221;) must be developed and gradually agreed upon so that different engineers with equal degrees of proficiency can arrive at approximately the same conclusions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Ontologies Property Types &#038; Components Valuation Types Data &#038; Data Storage Types Inspection Types Data Mining Methodologies Analysis Methodologies Prediction Methodologies Measurment Methods &#038; Tools Rule Expression Systems Developing Knowledge Bases For Real Estate Developing Rule Systems Data Mining Techniques Knowledge Databases Decision-making depends on measurement and valuation of alternative proposals.\u00a0 Measurement is objectively obtaining &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/pacificvista.net\/k_engineer\/\"> <span class=\"screen-reader-text\">Knowledge Engineering for Real Estate<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"class_list":["post-17","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Knowledge Engineering for Real Estate - Knowledge Engineering<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pacificvista.net\/k_engineer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knowledge Engineering for Real Estate - Knowledge Engineering\" \/>\n<meta property=\"og:description\" content=\"Ontologies Property Types &#038; 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