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IAAO Course 300 Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!!
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IAAO Course 300 Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!!
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IAAO Course 3001.Scope of Work Rule: 1. Identify the problem to be solved
2.Determine and perform the scope of work necessary to develop
credible assign- ment results
3. Disclose the scope of work in the report
2. Scope of work acceptability: When it meets or exceeds:
1. Expectations of parties who are regularly intended users for similar
assignments and 2. What an Appraiser's peers actions would be in
performing the same or similar assignments
3.Economic Basis of Model Building: Supply factors relate to availability
and thus reflect such things as Cost, interest rates, and economic
conditions. Demand factors include characteristics to buyers, such as
construction quality, condition, and location.
4.Basic Cost Model Structure: MV = LV + BV
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,5.Basic Sales Comparison Basic Model Structure: MVs = Sc + ADJc
6.Basic Income Models: 1. NOI
Model MV = NOI / OAR
2. GI Model
MV = GI x
GIM
7.Model Development: 1. Specification
2.Calibration
3.Quality Assurance
8.Specification: What data to include in the model and in what format
1.Additive
2.Multiplicative
3.Hybrid (generic)
9.Additive Model Structure: Each of the variables are independent from
the other variables. A change in one variable does not directly impact
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, any other variables
MV = ($/sqft x sqft) + ($/plumbing fixture x #fixtures) + ($/car stall x
#/cars) + ...
10.Multiplicative Model Structure: Each of the variables are
interdependent. Any change to one variable will have an impact on all
of the other variables.
11.Hybrid (generic) Model Structure: Combines both additive and
multiplicative model structures
12.Finding Net Operating Income (NOI): 1. Potential Gross Income (PGI)
100% occupancy at market rent (market rent is the prevailing rent in
the open market, not the rent called for in a lease)
2.Minus Vacancy and Collection Loss (V&C) - any money lost from units
not being
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