IAAO 331 exam with 100% correct answers

Planning should begin with? Analysis of current situation Highest and best use can be constrained by? Zoning What range should subjective data be in? at least 90% Which model structure are variables interactive? multiplicative Which model structure is adept at calibrating curves and economy of scale factors? multiplicative Cost models tend represent what model structure? hybrid The combination of a variable and its associated coefficient is called a(n)? term A market requires? many sellers An increase in interest rates tends to? decrease supply What levels of appraisal should values should be assessed? .90 - 1.10 PRD should be between? .98 - 1.03 Standard 5 of USPAP establishes? requirements for developing mass appraisal Standard 6 of USPAP establishes? requirements for appraisals developed using mass appraisal procedures Mass appraisal models can be? valuation tables, schedules, and formula Models are representations of how a thing or process works, they can be? they can be schematics, blueprints, equations, or other representations What model is the simplest and easiest to calibrate when doing a statistical analysis? additive What model are adept at calibrating curves (e.g., economy-of-scale factors) and making percentage adjustments? multiplicative What models are the most flexible? hybrid As prices increase, the quantity supplied will generally increase Rising prices lead to decreased? demand "Effective demand" is what? money someone actually has to spend not desire to spend Price is determined by the intersection of? supply and demand Demand implies what? purchasing power or effective demand Rising employment and incomes will lead to? an increase in demand and rising prices for most goods (inflation). Mass appraisal models are made up of? Valuation tables, Formulas, and Schedules Real estate markets vary in scope. They are? imperfect, cyclical, and volatile 3 categories of market data for mass appraisal? sales, income, and cost What property characteristics data is needed for mass appraisal? Land, improvement, Location What 2 types of sales are atypical financing? assumed mortgage and seller financing What is considered to be the best method to collect income data? either mail or web based questionnaire What are some ways to get income data? questionnaire, interviews,appeals, etc.