Three recently pending listings took 12, 18, and 21 days from listing to first pending. What is the mean number of days to pending for this sample?
Correct Answer
A) 17 days
Mean=(12+18+21)/3=51/3=17 days. This is the numerical result under the stated definitions, not an automatic market-condition or property-value conclusion. Common errors: dividing by 2 instead of 3 gives 26 days; reporting the total days instead of the mean gives 51 days; taking the median instead of the mean gives 18 days.
Why This Is the Correct Answer
Option A is correct because the mean is (12 + 18 + 21) / 3 = 51 / 3 = 17 days. This is the observed sample mean under the stated definition, not a guaranteed marketing time or a value conclusion.
Why the Other Options Are Wrong
Option B: 18 days
Option B, 18 days, is wrong because 18 is the median, the middle value of 12, 18 and 21. The question asks for the mean, which is 51 / 3 = 17 days.
Option C: 26 days
Option C, 26 days, is wrong because it comes from dividing the total of 51 by 2 instead of 3 (51 / 2 = 25.5, rounded to 26). With three listings, the mean is 51 / 3 = 17 days.
Option D: 51 days
Option D, 51 days, is wrong because 51 is the total of 12 + 18 + 21, not the mean. Dividing that total by the three listings gives 17 days.
Add them, then divide by count
Mean means sum divided by how many. Median means the middle value once sorted.
How to use: Use this whenever a question asks for a mean and offers the median or the total as choices.
Exam Tip
Check your divisor against the number of data points; dividing by the wrong count is a common trap.
Common Mistakes to Avoid
- -Reporting the median instead of the mean
- -Dividing by the wrong number of observations
- -Reporting the total instead of the average
Concept Deep Dive
Analysis
This question tests computing a simple mean for a market timing indicator. Add the days-to-pending for all three listings and divide by the number of listings. The question also reminds candidates to distinguish the mean from the median and from the total.
Background Knowledge
Days on market and days to pending are common indicators of how quickly properties are selling. Appraisers use a consistent definition across the sample and recognize that a small sample mean describes observed results rather than predicting future marketing time.
Real-World Application
An appraiser reviewing three recent pending sales in a small condo complex finds days-to-pending of 12, 18 and 21. She reports a mean of 17 days and notes the small sample size when discussing market conditions.
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