IAAO 300 COMPLETE COURSE REVIEW LATEST 2024/2025 EXAM 50 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
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Course
2024/2025
Institution
2024/2025
IAAO 300 COMPLETE COURSE REVIEW LATEST
2024/2025 EXAM 50 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
What is the main difference between single property appraisal and mass appraisal? -
Answer️️ -1. Group vs Particular 2. Mass Appraisal emphasizes standardized and
statistical qua...
Hybrid or generic models are reflective of which approach to value? - Answer✔️✔️-Cost
Approach
What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) -
Answer✔️✔️-Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? - Answer✔️✔️-Ratio Report
A "Yes/No" indicates what type of variable? - Answer✔️✔️-Binary variable
USPAP Standard 6 covers which type of appraisal? - Answer✔️✔️-Mass Appraisal
What are the main components of a Mass Appraisal system? - 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?" - 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? - Answer✔️✔️-50 days
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