IAAO Course 300; Questions & Answers 100
Solved
Mass appraisal Systematic appraisal of groups of properties as of a given
date using
standardized procedures and statistical testing.
Purpose of mass appraisal Equitable and efficient appraisal of all property in
a jurisdiction
for ad valore...
Income approach models require: ✔✔Net operating incomes and capitalization
rates for similar
use properties.
Basic steps in model building: ✔✔Specification and calibration.
Model specification ✔✔Defining the form of the model.
Model calibration ✔✔Determining the rates used in the model.
Model structures: ✔✔Additive, multiplicative or hybrid (generic).
Components of a mass appraisal system: ✔✔Data management system, sales
analysis system,
valuation system and administrative system.
Data management system: ✔✔Collection, entry and editing, conversion, storage
and security.
Sales analysis system: ✔✔Data collection, screening and processing, sales ratio
studies and sales
reports.
Valuation system: ✔✔Sales comparison approach, cost approach, income
approach, review and
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