IAAO 311 Review Questions and Answers 100% Pass(2023/24)
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Course
IAAO 311
Institution
IAAO 311
What is a requirement of both single-property and mass appraisal? Uses three basic
approaches to value
What is the first step in the mass appraisal process? definition of the problem
List the three types of data that must be collected in analyzing the market. General data
Specific data
Co...
IAAO 3 11 Review Questions and Answers 100% Pass What is a requirement of both single -property and mass appraisal? ✔✔Uses three basic approaches to value What is the first step in the mass appraisal process? ✔✔definition of the problem List the three types of data that must be collected in analyzing the market. ✔✔General data Specific data Comparative data Identifying supply and demand factors that best e xplain values in a specific market, and expressing them in an equation is called ______________________________________. ✔✔model specification Developing adjustment weights or coefficients from measurable supply and demand factors that include quantitativ e factors describing the improvements and qualitative judgments affecting land and/or improvement value is called ____________________________________. ✔✔model calibration List the five determinants of demand: ✔✔Price Price of related commodities Consumer tastes and preference Consumer's income Consumer expectations List the three determinants of supply: ✔✔Price Availability and cost of related goods Technology A ____________ helps evaluate what data to collect and the best way to collect it. ✔✔pilot study IAAO standards recommend routine property inspections at least every ________ years. ✔✔six List four methods of obtaining income and expense data: ✔✔Mail questionnaires Telephone Personal contact Industry and trade publications The square foot area of a residence is considered ___________ _____________ data while the condition rating is considered _______ ___________ data. ✔✔continuous (quantitative) discrete (qualitative) __________ data is qualitative items that have only two possibilities, yes or no. ✔✔Binary Converting a discrete variable to relative values or numerical ratings is termed a ___________ transformation. ✔✔scalar The result of a depreciation analysis show that the effect of age on value is: % good=Age -.10. The percent good for 20 years of age would be _________ while the percent good for 40 years of age would be________. ✔✔0.741 0.692 The natural log for a lot with a depth of 150 feet would be _____________. The factor relative to a base lot of 100 feet would be _________. ✔✔5.011
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