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IAAO 300 COMPLETE COURSE REVIEW EXAM QUESTIONS and ANSWERS
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IAAO 300 COMPLETE COURSE REVIEW EXAM QUESTIONS and ANSWERS
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IAAO 300 COMPLETE COURSE REVIEW EXAM 2024-2025 QUESTIONSand ANSWERS
When geographically stratifying properties _should be drawn to correspond with _ or political
boundaries. - ANSWER--boundaries physical
Broad geographic areas subject to the same economic influences are known as - ANSWER--market
areas.
A technique that can be used to group similar subdivisions into neighborhoods is - ANSWER--
cluster analysis.
MV = GQ × [(PI × QI) + (PL × QL)] + OA is known as the - ANSWER--hybrid (generic) model.
The trial and error process for quantifying the relationship between dependent (sale price) and
independent variables (property characteristics) is the - ANSWER--adaptive estimation procedure
In the development of per-unit values, the most appropriate units would have low measures of -
ANSWER--dispersion.
The formula of the net income model is - ANSWER--MV = NOI ÷ OAR.
When estimating gross income, you must _ properties by class, etc., compute measures of central
tendency and dispersion, and determine the typical per-unit value. - ANSWER-- stratify
Property taxes should not be included when estimating - ANSWER--expense ratios.
List three factors that should be considered when stratifying properties or specifying models for the
development of GIMs and OARs. - ANSWER--a. Building type
b. Location
c. Age or condition
The formula of a gross income model is - ANSWER--MV = GI x GIM.
,Two basic methods of estimating gross income in mass appraisal are _ and _ - ANSWER--
stratification and modeling.
The dependent variable in gross income models should be
per - ANSWER--gross income per unit.
Independent variables in gross income models should be
that are important in explaining differences in gross income. - ANSWER--property characteristics
The dependent variable in expense ratio models should be the
- ANSWER--overall expense ratio.
In the development of gross income multipliers (GIMs), the appraiser should first stratify the properties
and then compute measures of and for each stratum. - ANSWER--central tendency and dispersion
Statistical Testing - ANSWER--The definition of mass appraisal is the systematic appraisal of groups of
properties, as of a given date, using standardized procedures and
.
Supply - ANSWER--Building costs, economic conditions and interest rates are factors.
Demand - ANSWER--Location, condition, and construction quality are _ factors.
MV = Sc + ADJc - ANSWER--The basic structure of a model for the sales comparison approach is
.
, Model Specification - ANSWER--_ _ involves the determination of what data to include in the
model and in what format.
Model Calibration - ANSWER--Determining the rates used in a model, such as adjusting tables or
schedules to the current market is known as _ .
Cost - ANSWER--MV = LV + BV is the basic model structure for the approach.
Income Approach - ANSWER--Net operating incomes and capitalization rates are requirements for the
model.
Market Value - ANSWER--Property valuation models seek to explain or predict the
of properties from real estate sales and related data.
MV = GQ * ((PL * LSIZE) + (PB * BSIZE)) - ANSWER--The hybrid
(additive/multiplicative) cost model would be
.
Scope of Work - ANSWER--The is acceptable when it meets the expectation of parties who are regularly
intended users of similar assignments and what an appraisers peers actions in performing a similar
assignments.
7 - ANSWER--How many steps are in the general appraisal process?
Define the Valuation Problem - ANSWER--An appraiser establishes the date of value opinion, defines the
value, and identifies the property rights to be appraised, this is part of the
.
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