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IAAO 300 Fundamentals Of Mass Appraisal Questions And Answers Well Illustrated.

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iaao 300 fundamentals of mass appraisal questions

Institution IAAO 300:
Course IAAO 300:

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IAAO 300 Fundamentals Of Mass Appraisal
Questions And Answers Well Illustrated.

The difference between single & mass appraisal - correct answer. Statistical quality
control

USPAP Standards that apply to mass appraisal - correct answer. Standards 5 & 6

Mass Appraisal Steps - correct answer. 1) Define the valuation problem
2) Determine the scope of work
3) Create a preliminary analysis & plan
4) Select & collect data
5) Determine highest & best use
6) Apply appropriate valuation approaches
7) Reconcile value indicators & report opinion(s) of value(s)

Defining the valuation problem (steps) - correct answer. - Identify intended use &
users
- Define the values to be developed
- Establish date of value opinion
- Identify & locate the real estate
- Identify limiting conditions or limitations

Supply factors - correct answer. 1. Buildings costs
2. Interest rates
3. Economic conditions

Demand factors - correct answer. 1. Construction quality
2. Condition
3. Location
4. Size

Cost Approach Model - correct answer. MV = LV + BV

Sales Comparison Approach Model - correct answer. MV = Sc + ADJc

, Income Approach Model - correct answer. MV = I / R

or MV = NOI / OAR (net income model)
MV = GI x GIM (gross income model

Two basic steps in model building - correct answer. 1) Model Specification: the design
& determination of the mathematical form of the model; involves determining the
relevant data items to include & in what format

2) Model Calibration: process of solving for unknown quantities including determining
coefficients, adjusting formulas, tables, and schedules to the current market, etc.

Model structures - correct answer. 1) Additive Model (most common in mass
appraisal, especially for improved properties)
2) Multiplicative Model
3) Hybrid (generic) Model (incorporates both additive & multiplicative)

The definition of mass appraisal is the systematic appraisal of groups of properties, as
of a given date, using standardized procedures and _______ __________. - correct
answer. statistical testing

Building costs, economic conditions, and interest rates are ________ factors. - correct
answer. Supply

Location, condition, and construction quality are _____ factors. - correct answer.
Demand

The basic structure of a model for the sales comparison approach is __________. -
correct answer. MVs = Sc + ADJc

_________ _____________ involves the determination of what data to include in the
model and in what format. - correct answer. Model specification

MV = LV + BV is the basic model structure for the _______ approach. - correct answer.
cost

Net operating incomes and capitalization rates are requirements for the ________
_________ model. - correct answer. income approach

Property valuation models seek to explain or predict the _______ __________ of
properties from real estate sales and related data. - correct answer. market value

The hybrid (additive/multiplicative) cost model would be _______________. - correct
answer. MV = GQ x [(P x LSIZE) + (P x BSIZE)]

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