Question: The document Arizona Residential Property Valuation System published by the

The document Arizona Residential Property Valuation System, published by the Arizona Department of Revenue, describes how county assessors use computerized systems to value single-family residential properties for property tax purposes. On the Weiss Stats CD are data on lot size (in acres) and assessed value (in thousands of dollars) for a sample of homes in a particular area.
a. Obtain and interpret the standard error of the estimate.
b. Obtain a residual plot and a normal probability plot of the residuals.
c. Decide whether you can reasonably consider Assumptions 1–3 for regression inferences met by the two variables under consideration.

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