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IAAO 300 Exam Complete Questions And Answers
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IAAO 300 Exam Complete Questions And Answers
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IAAO 300 Exam Complete QuestionsAnd Answers
The definition of mass appraisal is the systematic appraisal of groups of properties, as
of a given date, using standardized procedures and _____ CORRECT ANSWERS
statistical testing
Building costs, economic conditions and interest rates are ______ factors CORRECT
ANSWERS supply
Location, condition, and construction quality are______ Factors CORRECT ANSWERS
demand
The basic structure of a model for the sales comparison approach is CORRECT
ANSWERS MVs=Sc+ADJc
______ involves the determination of what data to include in the model and in what
format. CORRECT ANSWERS Model specification
Determining the rates used in a model, such as adjusting formulas, tables or schedules
to the current market is known as CORRECT ANSWERS model calibration
Net operating incomes and capitalization rates are requirements for the ______ Model
CORRECT ANSWERS income approach
Property valuation models seek to explain or predict the CORRECT ANSWERS market
value
The hybrid (additive/multiplicative) cost model would be CORRECT ANSWERS MV =
GQ × [(Pl × LSIZE) + (Pb × BSIZE)]
The ____ is acceptable when it meets or exceeds the expectations of parties who are
regularly intended users for similar assignments; and what an appraiser's peers' actions
would be in performing the same or a similar assignment. CORRECT ANSWERS scope
of work
How many steps are in the general appraisal process? CORRECT ANSWERS 7
3. An appraiser establishes the date of value opinion, defines the value to be
developed, and identifies the property rights to be appraised, this is part of CORRECT
ANSWERS defining the valuation problem
The scope of work rule has three parts and they are CORRECT ANSWERS a. Identify
the problem to be solved
, b. Determine and perform the scope of work necessary to develop credible assignment
results
c. Disclose the scope of work in the report
The three components of a Property Tax System are the CORRECT ANSWERS
assessment system, appeal system, and collection system.
________________ systems update master files directly from computer workstations
and edits are built into data entry software. CORRECT ANSWERS Online data entry
A _______ should be conducted to measure and evaluate the accuracy and uniformity
of new values CORRECT ANSWERS ratio study
The receipt of payments and distribution of funds is part of the _____ System
CORRECT ANSWERS Collection
The four components of the mass appraisal system are CORRECT ANSWERS a. Data
Collection and Maintenance
b. Exploratory Data Analysis
c. Model Development
d. Model Application, Review, and Reconciliation
Analysis of available______ such as personnel, maps and databases are critical before
conducting a reappraisal. CORRECT ANSWERS Resources
Sales data, cost data, and income data are components of the_______ portion of Data
Collection & Maintenance. CORRECT ANSWERS Market Data
Many times, a __________ decision must be made because of statutes or
administrative rules. CORRECT ANSWERS reappraisal
Property characteristics data should be thoroughly ____ and ___ to ensure quality
control. CORRECT ANSWERS edited and tested
Property owners may dispute their value, and this is part of the_____ system
CORRECT ANSWERS appeal
The three methods of studies required to evaluate data accuracy are CORRECT
ANSWERS field studies, ratio studies, and pilot studies.
_______ relates to how accurately recorded information, used to estimate values
reflects current status of the property CORRECT ANSWERS Quality
Qualitative items that have three or more predefined values e.g. (topography: level,
rolling or steep) are known as _____ data CORRECT ANSWERS discrete
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