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Iaao331 Exam Study Guide
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Iaao331 Exam Study Guide Mass appraisal - answerthe systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing objective of mass appraisal - answerto appraise properties accurately, equitably, and efficiently in accordance with or excee...

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  • November 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM


Iaao331 Exam Study Guide


Mass appraisal - answer✔the systematic appraisal of groups of properties as of a given date
using standardized procedures and statistical testing

objective of mass appraisal - answer✔to appraise properties accurately, equitably, and
efficiently in accordance with or exceeding local law and professional standards

the two parts of building a mass appraisal model - answer✔specification and calibration

COD in newer, more homogeneous areas - answer✔5-10

COD in older, more heterogeneous areas - answer✔5-15

3 types of mass appraisal model types - answer✔additive, multiplicative, & hybrid

the most flexible type of appraisal model - answer✔hybrid

annual re-evaluations - answer✔provide optimal accuracy and uniformity and advocated by
IAAO

measurements should be accurate within - answer✔5%

objective categorical data should be - answer✔accurate at least 95% of the time

subjective categorical data should be - answer✔accurate at least 90% of the time

step 1 in Mass appraisal - answer✔planning and preparations

step 2 in Mass appraisal - answer✔data collection and maintenance

step 3 in Mass appraisal - answer✔market analysis and valuation

step 4 in Mass appraisal - answer✔communication of values to taxpayers

step 5 of mass appraisal - answer✔inquiries and value defense

definition of a market - answer✔the interaction of buyers and sellers for a good or commodity

Markets are in - answer✔Constant Flux

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