IAAO 300 Exam Questions With 100% Verified Answers.
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Course
IAAO300
Institution
IAAO300
IAAO 300 Exam Questions With 100%
Verified Answers.
Real estate prices are a function of supply and demand operating simultaneously within a market.
The _________ factors relate to availability, _________ factors include such things as condition,
size and location - answersupply, demand
An app...
IAAO 300 Exam Questions With 100%
Verified Answers.
Real estate prices are a function of supply and demand operating simultaneously within a market.
The _________ factors relate to availability, _________ factors include such things as condition,
size and location - answer✔supply, demand
An appraiser establishes the date of value opinion, defines the value to be developed, and
identifies the property rights to be appraised, this is part of ___________ - answer✔defining the
valuation problem
The definition of mass appraisal is the systematic appraisal of groups of properties, as of a given
date, using standardized procedures and ________ - answer✔statistical testing
Building costs, economic conditions and interest rates are __________ factors - answer✔supply
Location, condition, and construction quality are _______ factors - answer✔demand
The basic structure of a model for the sales comparison approach is ________ - answer✔MVs =
Sc + ADJc
__________ involves the determination of what data to include the model and in what format -
answer✔Model specification
Determining the rates used in a mode, such as adjusting formulas, tables or schedules to the
current market is known as ___________ - answer✔Model calibration
MV=LV+BV is the basic model structure for the ____ approach - answer✔cost
Net operating income and capitalization rates are requirements for the _____ approach -
answer✔income approach
Property valuation models seek to explain or predict the _________ - answer✔market value
The hybrid cost model would be ________ - answer✔MV=GQx[(PsubL x LSIZE) + (PsubL x
BSIZE)] + OA
The _________ is acceptable when it meets or exceeds the expectations of parties who are
regularly intended users for similar assignments and what an appraiser's peer's actions would be
in performing the same or similar assignment. - answer✔Scope of work
How many steps are in the general appraisal process? - answer✔7
The scope of work rule three parts and they are: - answer✔a. Identify the problem to be solved
b. Determine and perform the scope of work necessary to develop credible assignment results
c. Disclose the scope of work in the report
The three components of a Property Tax System are the - answer✔assessment system, appeal
system, and collection system
_________ systems update master files directly from computer workstations and edits are built
into data entry software - answer✔Online data entry
A ___________ should be conducted to measure and evaluate the accuracy and uniformity of
new values - answer✔ratio study
The receipt of payments and distribution of funds is part of the _________ system -
answer✔collection
The four components of the mass appraisal system are: - answer✔a. Data collection and
maintenance
b. Exploratory data analysis
c. Model development
d. Model application, review, and reconciliation
Analysis of available _________ such as personnel, maps and databases are critical before
conducting a reappraisal - answer✔resources
Sales data, cost data, and income data are components of the _______ portion of data collection
& maintenance - answer✔market data
Many times, a _________ decision must be made because of statutes or administrative rules -
answer✔reappraisal
Property characteristics data should be thoroughly ______ and _____ to ensure quality control -
answer✔edited, tested
Property owners may dispute their value, and this is part of the appeal system - answer✔appeal
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