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IAAO Course 300 Exam Questions With Precise Answers
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IAAO Course 300 Exam Questions With Precise Answers
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IAAO Course 300 Exam Questions WithPrecise Answers
Mass appraisal CORRECT ANSWERS Systematic appraisal of groups of properties as
of a given date using standardized procedures and statistical testing.
Purpose of mass appraisal CORRECT ANSWERS Equitable and efficient appraisal of
all property in a jurisdiction for ad valorem tax purposes.
When did first generation computers emerge? CORRECT ANSWERS The 1950s
Mass appraisal models may be: CORRECT ANSWERS Physical, conceptual or
mathematical.
Property valuation models seek to explain or predict what? CORRECT ANSWERS The
market value of properties from real estate data.
Supply factors: CORRECT ANSWERS Building costs, interest rates and economic
conditions.
Demand factors: CORRECT ANSWERS Location, condition and construction quality
Cost approach models require estimates of: CORRECT ANSWERS Land values, is if
vacant; reproduction or replacement cost new of all improvements and all accrued
depreciation.
Sales comparison approach models require: CORRECT ANSWERS A verified sales
database and contributory value components.
Income approach models require: CORRECT ANSWERS Net operating incomes and
capitalization rates for similar use properties.
Basic steps in model building: CORRECT ANSWERS Specification and calibration.
Model specification CORRECT ANSWERS Defining the form of the model.
Model calibration CORRECT ANSWERS Determining the rates used in the model.
Model structures: CORRECT ANSWERS Additive, multiplicative or hybrid (generic).
Components of a mass appraisal system: CORRECT ANSWERS Data management
system, sales analysis system, valuation system and administrative system.
, Data management system: CORRECT ANSWERS Collection, entry and editing,
conversion, storage and security.
Sales analysis system: CORRECT ANSWERS Data collection, screening and
processing, sales ratio studies and sales reports.
Valuation system: CORRECT ANSWERS Sales comparison approach, cost approach,
income approach, review and reconciliation.
Administrative system: CORRECT ANSWERS Budgeting, scheduling, planning, inquiry,
analysis, reporting, assessment roll / notices, forms, wordprocessing and record cards.
Requirements of a mass appraisal system: CORRECT ANSWERS Three primary files:
(Parcel, property characteristics and sales file) and methods of updating files: (Batch
data entry and online data entry)
Batch data entry: CORRECT ANSWERS Hold file
Online data entry: CORRECT ANSWERS Live file
Steps in reappraisal: CORRECT ANSWERS Performance analysis (ratio study)
reappraisal decision, analysis of available resources, planning and organizing, system
development procedures, data collection, system implementation, valuation, preparation
of assessment roll and final performance analysis (ratio study).
Data accuracy is determined by: CORRECT ANSWERS The quality and quantity of the
data.
Quality CORRECT ANSWERS Relates to how accurately recorded information, used to
estimate values, reflects the current status of the property.
Quantity CORRECT ANSWERS Relates to the completeness of the available data or
what must be collected to capture local market influences.
Methods of evaluating data adequacy: CORRECT ANSWERS Field study, ratio study
and pilot study.
Qualitative data: CORRECT ANSWERS Subjective
Quantitative data: CORRECT ANSWERS Objective
Continuous data: CORRECT ANSWERS Quantitative (objective)
Discrete or categorical data: CORRECT ANSWERS Qualitative (subjective)
Binary data: CORRECT ANSWERS Qualitative (subjective); yes or no
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