What is a requirement of both single-property and mass appraisal? Uses three basic
approaches to value
What is the first step in the mass appraisal process? definition of the problem
List the three types of data that must be collected in analyzing the market. General data
Specific data
Compar...
IAAO 311 Review Questions and
Answers 100% Pass
What is a requirement of both single-property and mass appraisal? ✔✔Uses three basic
approaches to value
What is the first step in the mass appraisal process? ✔✔definition of the problem
List the three types of data that must be collected in analyzing the market. ✔✔General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific market, and
expressing them in an equation is called ______________________________________.
✔✔model specification
Developing adjustment weights or coefficients from measurable supply and demand factors that
include quantitative factors describing the improvements and qualitative judgments affecting
land and/or improvement value is called ____________________________________. ✔✔model
calibration
,List the five determinants of demand: ✔✔Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
List the three determinants of supply: ✔✔Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to collect it. ✔✔pilot
study
IAAO standards recommend routine property inspections at least every ________ years. ✔✔six
List four methods of obtaining income and expense data: ✔✔Mail questionnaires
Telephone
, Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________ _____________ data while the
condition rating is considered _______ ___________ data. ✔✔continuous (quantitative)
discrete (qualitative)
__________ data is qualitative items that have only two possibilities, yes or no. ✔✔Binary
Converting a discrete variable to relative values or numerical ratings is termed a ___________
transformation. ✔✔scalar
The result of a depreciation analysis show that the effect of age on value is: % good=Age -.10.
The percent good for 20 years of age would be _________ while the percent good for 40 years of
age would be________. ✔✔0.741
0.692
The natural log for a lot with a depth of 150 feet would be _____________. The factor relative to
a base lot of 100 feet would be _________. ✔✔5.011
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