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IAAO Course 300 Updated /Questions And Answers Graded (A+)
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IAAO Course 300 Updated 2023 -2024 /Questions AndAnswers Graded (A+)
Quiz :Mass appraisal - Answer :Systematic appraisal of groups of properties as of
a given date using standardized procedures and statistical testing.
Quiz :Purpose of mass appraisal - Answer :Equitable and efficient appraisal of all
property in a jurisdiction for ad valorem tax purposes.
Quiz :When did first generation computers emerge? - Answer :The 1950s
Quiz :Mass appraisal models may be: - Answer :Physical, conceptual or
mathematical.
Quiz :Property valuation models seek to explain or predict what? - Answer :The
market value of properties from real estate data.
Quiz :Supply factors: - Answer :Building costs, interest rates and economic
conditions.
Quiz :Demand factors: - Answer :Location, condition and construction quality
Quiz :Cost approach models require estimates of: - Answer :Land values, is if
vacant; reproduction or replacement cost new of all improvements and all
accrued depreciation.
Quiz :Sales comparison approach models require: - Answer :A verified sales
database and contributory value components.
Quiz :Income approach models require: - Answer :Net operating incomes and
capitalization rates for similar use properties.
Quiz :Basic steps in model building: - Answer :Specification and calibration.
Quiz :Model specification - Answer :Defining the form of the model.
Quiz :Model calibration - Answer :Determining the rates used in the model.
, Quiz :Model structures: - Answer :Additive, multiplicative or hybrid (generic).
Quiz :Components of a mass appraisal system: - Answer :Data management
system, sales analysis system, valuation system and administrative system.
Quiz :Data management system: - Answer :Collection, entry and editing,
conversion, storage and security.
Quiz :Sales analysis system: - Answer :Data collection, screening and processing,
sales ratio studies and sales reports.
Quiz :Valuation system: - Answer :Sales comparison approach, cost approach,
income approach, review and reconciliation.
Quiz :Administrative system: - Answer :Budgeting, scheduling, planning, inquiry,
analysis, reporting, assessment roll / notices, forms, wordprocessing and record
cards.
Quiz :Requirements of a mass appraisal system: - Answer :Three primary files:
(Parcel, property characteristics and sales file) and methods of updating files:
(Batch data entry and online data entry)
Quiz :Batch data entry: - Answer :Hold file
Quiz :Online data entry: - Answer :Live file
Quiz :Steps in reappraisal: - Answer :Performance analysis (ratio study)
reappraisal decision, analysis of available resources, planning and organizing,
system development procedures, data collection, system implementation,
valuation, preparation of assessment roll and final performance analysis (ratio
study).
Quiz :Data accuracy is determined by: - Answer :The quality and quantity of the
data.
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