IAAO 300 COMPLETE COURSE REVIEW LATEST
20232024 EXAM 140 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Terms in this set (141)
The definition of mass appraisal is the systematic
Statistical Testing appraisal of groups of properties, as of a given date,
using standardized procedures and _____________________.
Building costs, economic conditions and interest rates
Supply
are _______________ factors.
Location, condition, and construction quality are
Demand
___________ factors.
The basic structure of a model for the sales
MV = Sc + ADJc
comparison approach is _________________________.
________________________ involves the determination of what
Model Specification
data to include in the model and in what format.
Determining the rates used in a model, such as
Model Calibration adjusting tables or schedules to the current market is
known as ___________________.
MV = LV + BV is the basic model structure for the
Cost
____________ approach.
Net operating incomes and capitalization rates are
Income Approach
requirements for the ______________ _________________ model.
Property valuation models seek to explain or predict
Market Value the _________________ _____________________ of properties from
real estate sales and related data.
MV = GQ ((PL LSIZE) + (PB The hybrid (additive/multiplicative) cost model would
* BSIZE)) be __________________________________.
The _________________ is acceptable when it meets the
expectation of parties who are regularly intended
Scope of Work
users of similar assignments and what an appraisers
peers actions in performing a similar assignments.
7 How many steps are in the general appraisal process?
An appraiser establishes the date of value opinion,
Define the Valuation
defines the value, and identifies the property rights to
Problem
be appraised, this is part of the ______________________________.
1) Identify the problem to The scope of work rule has three parts and they are
be solved. 2) Determine _______.
and perform the scope of
work necessary to
develop a credible
assignment. 3) Disclose
the scope of work in the
report.
Assessment System, The three components of a Property Tax System are
Appeal System, and the ___________, ____________________, and __________________________.
Collection System
____________________ systems update master files directly
Online from computer work stations and edits are built into
data entry software.
A __________________ should be conducted to measure and
Ratio Study
evaluate the accuracy and uniformity of new values.
The receipt of payments and distribution of funds is
Collection
part of the __________________________ System.
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