IAAO 300: Complete Course Review
UPDATED Exam Questions and
CORRECT Answers
What is the main difference between single property appraisal and mass appraisal? -
CORRECT ANSWER- 1. Group vs Particular 2. Mass Appraisal emphasizes standardized
and statistical quality control features
In the Ap...
What is the main difference between single property appraisal and mass appraisal? -
CORRECT ANSWER- 1. Group vs Particular 2. Mass Appraisal emphasizes standardized
and statistical quality control features
In the Appraisal Process, "Define the valuation problem" does not include which of the
following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion - CORRECT ANSWER- d. and f.
Supply and demand factors determine Real Estate values. Which are not supply factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition - CORRECT ANSWER- d.,e.,and f.
Hybrid or generic models are reflective of which approach to value? - CORRECT ANSWER-
Cost Approach
What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) -
CORRECT ANSWER- Simple Hybrid (Generic) Cost Model
, What should a reappraisal start and end with? - CORRECT ANSWER- Ratio Report
A "Yes/No" indicates what type of variable? - CORRECT ANSWER- Binary variable
USPAP Standard 6 covers which type of appraisal? - CORRECT ANSWER- Mass Appraisal
What are the main components of a Mass Appraisal system? - CORRECT ANSWER- 1.
Market Data collection
2. Data analysis
3. Development of a model
4. Application of created model
What kind of variable takes on specific, predefined values such as "log, a-frame, split-level,
ranch?" - CORRECT ANSWER- Discrete
If you need to work 6,000 parcels using 6 appraisers that can work 20 parcels/day. How many
days are needed to complete the project? - CORRECT ANSWER- 50 days
Making sure the square footage of a basement is not greater than the square footage of the
finished area is what type of edit? - CORRECT ANSWER- Consistency/Logic
A listing of data in order of magnitude (largest to smallest) is called an? - CORRECT
ANSWER- Array
The highest bar in a histogram represents what? - CORRECT ANSWER- A Common level of
appraisal
A histogram that shows data distributed normally has what shape? - CORRECT ANSWER-
Bell-Shape
Find the Standard Deviation using the following numbers. Round to the nearest Whole
Number.
20
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