In analyzing the local market, data gathered and published by a Chamber of Commerce would be considered ________.

• A. Primary data
• B. Secondary data
• C. Tertiary data
• D. Anecdotal data

Answer: (B)

In market analysis, you categorize data by who collected it and how it’s used. Data published by a Chamber of Commerce is secondary data because it was gathered by someone else for a broader purpose and then published for public use. You’re not the original collector, but you rely on the published material to inform market conditions, trends, and comparisons.

Primary data would be information you collect yourself for the appraisal, such as surveys or interviews conducted directly with local buyers, sellers, or real estate professionals. Tertiary data are compilations that summarize primary and secondary sources, like encyclopedias or digests. Anecdotal data are individual stories or observations that aren’t systematically collected. So the Chamber of Commerce material fits the secondary data category.