Exam (elaborations)
IAAO 300 COMPLETE COURSE REVIEW EXAM QUESTIONS and ANSWERS
- Course
- Institution
IAAO 300 COMPLETE COURSE REVIEW EXAM QUESTIONS and ANSWERS
[Show more]
Content preview
IAAO 300 COMPLETE COURSE REVIEW EXAM 2024-2025 QUESTIONSand ANSWERS
When geographically stratifying properties _should be drawn to correspond with _ or political
boundaries. - ANSWER--boundaries physical
Broad geographic areas subject to the same economic influences are known as - ANSWER--market
areas.
A technique that can be used to group similar subdivisions into neighborhoods is - ANSWER--
cluster analysis.
MV = GQ × [(PI × QI) + (PL × QL)] + OA is known as the - ANSWER--hybrid (generic) model.
The trial and error process for quantifying the relationship between dependent (sale price) and
independent variables (property characteristics) is the - ANSWER--adaptive estimation procedure
In the development of per-unit values, the most appropriate units would have low measures of -
ANSWER--dispersion.
The formula of the net income model is - ANSWER--MV = NOI ÷ OAR.
When estimating gross income, you must _ properties by class, etc., compute measures of central
tendency and dispersion, and determine the typical per-unit value. - ANSWER-- stratify
Property taxes should not be included when estimating - ANSWER--expense ratios.
List three factors that should be considered when stratifying properties or specifying models for the
development of GIMs and OARs. - ANSWER--a. Building type
b. Location
c. Age or condition
The formula of a gross income model is - ANSWER--MV = GI x GIM.
,Two basic methods of estimating gross income in mass appraisal are _ and _ - ANSWER--
stratification and modeling.
The dependent variable in gross income models should be
per - ANSWER--gross income per unit.
Independent variables in gross income models should be
that are important in explaining differences in gross income. - ANSWER--property characteristics
The dependent variable in expense ratio models should be the
- ANSWER--overall expense ratio.
In the development of gross income multipliers (GIMs), the appraiser should first stratify the properties
and then compute measures of and for each stratum. - ANSWER--central tendency and dispersion
Statistical Testing - ANSWER--The definition of mass appraisal is the systematic appraisal of groups of
properties, as of a given date, using standardized procedures and
.
Supply - ANSWER--Building costs, economic conditions and interest rates are factors.
Demand - ANSWER--Location, condition, and construction quality are _ factors.
MV = Sc + ADJc - ANSWER--The basic structure of a model for the sales comparison approach is
.
, Model Specification - ANSWER--_ _ involves the determination of what data to include in the
model and in what format.
Model Calibration - ANSWER--Determining the rates used in a model, such as adjusting tables or
schedules to the current market is known as _ .
Cost - ANSWER--MV = LV + BV is the basic model structure for the approach.
Income Approach - ANSWER--Net operating incomes and capitalization rates are requirements for the
model.
Market Value - ANSWER--Property valuation models seek to explain or predict the
of properties from real estate sales and related data.
MV = GQ * ((PL * LSIZE) + (PB * BSIZE)) - ANSWER--The hybrid
(additive/multiplicative) cost model would be
.
Scope of Work - ANSWER--The is acceptable when it meets the expectation of parties who are regularly
intended users of similar assignments and what an appraisers peers actions in performing a similar
assignments.
7 - ANSWER--How many steps are in the general appraisal process?
Define the Valuation Problem - ANSWER--An appraiser establishes the date of value opinion, defines the
value, and identifies the property rights to be appraised, this is part of the
.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller dennohz2000. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now