IAAO 311 2024 UPDATE COMPLETE QUESTIONS AND
ANSWERS GRADED A+ GET IT 100% RIGHT ALL
PASSED
Mass appraisal is the systematic appraisal of groups of properties as of
a given date using - (correct answer) standardized procedures and
statistical testing
What characteristics does a mass appraisal require? - (correct answer)
valuation tables, schedules, and models
Economic, social, and environmental are termed? - (correct answer)
market analysis data
Off site features and improvement data are termed? - (correct
answer) property analysis data
Selecting appropriate valuation approaches and specifying the variables
to be used is called? - (correct answer) model specification
Developing adjustment weights from measurable supply and demand
factors, including quantitative and qualitative factors is called? -
(correct answer) model calibration
Valuation in exchange is determined by the interaction of? - (correct
answer) supply and demand
,Value in exchange is? - (correct answer) market value
A b0 is what? - (correct answer) constant
b is what? - (correct answer) coefficient
x is what? - (correct answer) variable
What kind of model is a combination of multiplicative and additive? -
(correct answer) hybrid (generic) model
4 categories of market data are? - (correct answer) PEGS,
Physical/Environmental, Economic, Governmental, Social
Building codes, planning, and zones are considered (blank) forces? -
(correct answer) Government
What is the most effective yet expensive way to collect data? -
(correct answer) personal interviews
PGI is based on what? - (correct answer) market rent
,What kind of lease does owner pay expenses? - (correct answer)
gross
What kind of lease does tenant pay expenses? - (correct answer) net
(blank) data is also known as discrete data as it relates to features or
attributes of a property. - (correct answer) qualitative
(blank) data is also known as continuous data and is based on
measuring or counting. - (correct answer) quantitative
A (blank) transformation converts a discrete variable to relative values
or numerical ratings. - (correct answer) scalar
IAAO recommends properties to be re-inspected every (blank) years. -
(correct answer) 6 years
Scalar variables center on "?" in additive models. - (correct answer)
zero
, Scalar variables center on "?" in multiplicative models. - (correct
answer) one
A (blank) helps evaluate what data to collect and the best way to collect
them. - (correct answer) pilot study
What is the formula for percentiles? - (correct answer) k=(p)(n)+p
k = - (correct answer) rank
p = - (correct answer) percentile
n = - (correct answer) sample
How many steps in appraisal process? - (correct answer) 7
What is the first step in the appraisal process? - (correct answer)
Define the problem
What is the second step in the appraisal process? - (correct answer)
determine scope of work
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