IAAO 311 - QUIZ 1 & QUIZ 2 QUESTIONS WITH VERIFIED ANSWERS
Scalar values are best centered on 1.00 in:
A. Additive models
B. Multiplicative models
C. Hybrid models
D. All of the above Correct Answer B. Multiplicative models
Which of the following statistical techniques would be most appro...
IAAO 311 - QUIZ 1 & QUIZ 2 QUESTIONS WITH VERIFIED ANSWERS
Scalar values are best centered on 1.00 in:
A. Additive models
B. Multiplicative models
C. Hybrid models
D. All of the above Correct Answer B. Multiplicative models
Which of the following statistical techniques would be most appropriate for grouping similar subdivisions for modeling purposes?
A. Multiple regression analysis
B. Location Value Response Surface Analysis
C. Adaptive estimation procedure
D. Cluster analysis Correct Answer D. Cluster Analysis
Assume that the average age of homes in a neighborhood is 25 years and that the standard deviation is 3 years. Assuming the data are normally distributed, approximately 95% of the homes will fall in what age bracket?
A. 22-26
B. 22-28
C. 19-31
D. 16-34 Correct Answer C. 19-31
A scatter diagram shows that there is a loose negative correlation between sale price and distance to the central business district. Which of the following correlation coefficients would be consistent with the scatter diagram?
A. Zero
B. -2.00
C. -.20
D. .50 Correct Answer C. -.20
Which of the following best defines the coefficient of dispersion (COD)?
A. Average deviation from the chosen measure of central tendancy
B. Standard deviation of the ratios expressed as a percentage of the mean
C. The range which contains 50 percent of the ratios.
D. Average percentage deviation from the median Correct Answer D. Average percentage deviation from the median.
The IAAO standards for the COD for older, heterogeneous residential property is:
A. 5.0 or less
B. 10.0 or less
C. 15.0 or less
D. 20.0 or less Correct Answer C. 15.0 or less Assessors need skills in single property appraisal to:
A. Develop valuation models
B. Test values
C. Defend values
D. All of the above Correct Answer C. Defend values
In a statistical test, the statement or conclusion that is accepted in the absence of sufficient evidence to the contrary is known as the:
A. First hypothesis
B. Alternative hypothesis
C. Confidence level
D. Null hypothesis Correct Answer D. Null hypothesis
Consider the following ratios: .89, .96, 1.08, 1.14, and 1.20. What is the coefficient of variation (COV)?
A. 10.6
B. 11.4
C. 12.1
D. 13.3 Correct Answer C. 12.1
In the cost approach model, construction costs represent the __________side of the market and depreciation represents the _________side of the market.
A. demand - supply
B. supply - demand
C. supply - supply
D. demand - demand Correct Answer B. supply - demand
The cost approach is closely related to a/an:
A. Additive model structure
B. Multiplicative model structure
C. Hybrid model structure
D. Least square model structure Correct Answer C. Hybrid model structure
Which of the following is NOT one of the seven MAJOR steps in the mass appraisal process?
A. Preliminary survey and analysis
B. Defend value estimates
C. Valuation
D. Correlation of values, model testing, and quality control Correct Answer B. Defend value estimates
___________is the process of quantifying and evaluating the reliability of value estimates by comparing values to a representative sample of sales.
A. Model specification
B. Model calibration
C. Model testing
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