Iaao331 Exam Study Guide
Mass appraisal - answerthe systematic appraisal of groups of properties as of a given date
using standardized procedures and statistical testing
objective of mass appraisal - answerto appraise properties accurately, equitably, and
efficiently in accordance with or excee...
Mass appraisal - answer✔the systematic appraisal of groups of properties as of a given date
using standardized procedures and statistical testing
objective of mass appraisal - answer✔to appraise properties accurately, equitably, and
efficiently in accordance with or exceeding local law and professional standards
the two parts of building a mass appraisal model - answer✔specification and calibration
COD in newer, more homogeneous areas - answer✔5-10
COD in older, more heterogeneous areas - answer✔5-15
3 types of mass appraisal model types - answer✔additive, multiplicative, & hybrid
the most flexible type of appraisal model - answer✔hybrid
annual re-evaluations - answer✔provide optimal accuracy and uniformity and advocated by
IAAO
measurements should be accurate within - answer✔5%
objective categorical data should be - answer✔accurate at least 95% of the time
subjective categorical data should be - answer✔accurate at least 90% of the time
step 1 in Mass appraisal - answer✔planning and preparations
step 2 in Mass appraisal - answer✔data collection and maintenance
step 3 in Mass appraisal - answer✔market analysis and valuation
step 4 in Mass appraisal - answer✔communication of values to taxpayers
step 5 of mass appraisal - answer✔inquiries and value defense
definition of a market - answer✔the interaction of buyers and sellers for a good or commodity
Markets are in - answer✔Constant Flux
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