IAAO 300 Fundamentals Of Mass Appraisal Questions And Answers Well Illustrated.
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IAAO 300:
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IAAO 300:
IAAO 300 Fundamentals Of Mass Appraisal Questions And Answers Well Illustrated.
The difference between single & mass appraisal - correct answer. Statistical quality control
USPAP Standards that apply to mass appraisal - correct answer. Standards 5 & 6
Mass Appraisal Steps - cor...
IAAO 300 Fundamentals Of Mass Appraisal
Questions And Answers Well Illustrated.
The difference between single & mass appraisal - correct answer. Statistical quality
control
USPAP Standards that apply to mass appraisal - correct answer. Standards 5 & 6
Mass Appraisal Steps - correct answer. 1) Define the valuation problem
2) Determine the scope of work
3) Create a preliminary analysis & plan
4) Select & collect data
5) Determine highest & best use
6) Apply appropriate valuation approaches
7) Reconcile value indicators & report opinion(s) of value(s)
Defining the valuation problem (steps) - correct answer. - Identify intended use &
users
- Define the values to be developed
- Establish date of value opinion
- Identify & locate the real estate
- Identify limiting conditions or limitations
, Income Approach Model - correct answer. MV = I / R
or MV = NOI / OAR (net income model)
MV = GI x GIM (gross income model
Two basic steps in model building - correct answer. 1) Model Specification: the design
& determination of the mathematical form of the model; involves determining the
relevant data items to include & in what format
2) Model Calibration: process of solving for unknown quantities including determining
coefficients, adjusting formulas, tables, and schedules to the current market, etc.
Model structures - correct answer. 1) Additive Model (most common in mass
appraisal, especially for improved properties)
2) Multiplicative Model
3) Hybrid (generic) Model (incorporates both additive & multiplicative)
The definition of mass appraisal is the systematic appraisal of groups of properties, as
of a given date, using standardized procedures and _______ __________. - correct
answer. statistical testing
Building costs, economic conditions, and interest rates are ________ factors. - correct
answer. Supply
Location, condition, and construction quality are _____ factors. - correct answer.
Demand
The basic structure of a model for the sales comparison approach is __________. -
correct answer. MVs = Sc + ADJc
_________ _____________ involves the determination of what data to include in the
model and in what format. - correct answer. Model specification
MV = LV + BV is the basic model structure for the _______ approach. - correct answer.
cost
Net operating incomes and capitalization rates are requirements for the ________
_________ model. - correct answer. income approach
Property valuation models seek to explain or predict the _______ __________ of
properties from real estate sales and related data. - correct answer. market value
The hybrid (additive/multiplicative) cost model would be _______________. - correct
answer. MV = GQ x [(P x LSIZE) + (P x BSIZE)]
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