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IAAO 300: Complete Course Review new /questions and answers
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IAAO 300: Complete Course Review new 2023-2024/questions and answers
Quiz :What is the main difference between single property appraisal and mass
appraisal? - Answer :1. Group vs Particular 2. Mass Appraisal emphasizes
standardized and statistical quality control features
Quiz :In the Appraisal Process, "Define the valuation problem" does not include
which of the following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion - Answer :d. and f.
Quiz :Supply and demand factors determine Real Estate values. Which are not
supply factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition - Answer :d.,e.,and f.
Quiz :Hybrid or generic models are reflective of which approach to value? -
Answer :Cost Approach
Quiz :What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x
SIZE)) - Answer :Simple Hybrid (Generic) Cost Model
Quiz :What should a reappraisal start and end with? - Answer :Ratio Report
Quiz :A "Yes/No" indicates what type of variable? - Answer :Binary variable
Quiz :USPAP Standard 6 covers which type of appraisal? - Answer :Mass
Appraisal
, Quiz :What are the main components of a Mass Appraisal system? - Answer :1.
Market Data collection
2. Data analysis
3. Development of a model
4. Application of created model
Quiz :What kind of variable takes on specific, predefined values such as "log, a-
frame, split-level, ranch?" - Answer :Discrete
Quiz :If you need to work 6,000 parcels using 6 appraisers that can work 20
parcels/day. How many days are needed to complete the project? - Answer :50
days
Quiz :Making sure the square footage of a basement is not greater than the
square footage of the finished area is what type of edit? - Answer
:Consistency/Logic
Quiz :A listing of data in order of magnitude (largest to smallest) is called an? -
Answer :Array
Quiz :The highest bar in a histogram represents what? - Answer :A Common level
of appraisal
Quiz :A histogram that shows data distributed normally has what shape? -
Answer :Bell-Shape
Quiz :Find the Standard Deviation using the following numbers. Round to the
nearest Whole Number.
20
22
28
34
38 - Answer :Standard Deviation = 7.67 or 8
Quiz :Find the 25th Percentile given the following numbers:
1400
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