IAAO 311 Exam Questions With Verified
Answers.
Mass appraisal is the systematic appraisal of groups of properties as of a given date using -
answerstandardized procedures and statistical testing
What characteristics does a mass appraisal require? - answervaluation tables, schedules, and models
...
Mass appraisal is the systematic appraisal of groups of properties as of a given date using -
answer✔standardized procedures and statistical testing
What characteristics does a mass appraisal require? - answer✔valuation tables, schedules, and models
Economic, social, and environmental are termed? - answer✔market analysis data
Off site features and improvement data are termed? - answer✔property analysis data
Selecting appropriate valuation approaches and specifying the variables to be used is called? -
answer✔model specification
Developing adjustment weights from measurable supply and demand factors, including quantitative and
qualitative factors is called? - answer✔model calibration
Valuation in exchange is determined by the interaction of? - answer✔supply and demand
Value in exchange is? - answer✔market value
A b0 is what? - answer✔constant
b is what? - answer✔coefficient
x is what? - answer✔variable
What kind of model is a combination of multiplicative and additive? - answer✔hybrid (generic) model
4 categories of market data are? - answer✔PEGS, Physical/Environmental, Economic, Governmental,
Social
Building codes, planning, and zones are considered (blank) forces? - answer✔Government
What is the most effective yet expensive way to collect data? - answer✔personal interviews
What kind of lease does owner pay expenses? - answer✔gross
What kind of lease does tenant pay expenses? - answer✔net
(blank) data is also known as discrete data as it relates to features or attributes of a property. -
answer✔qualitative
(blank) data is also known as continuous data and is based on measuring or counting. -
answer✔quantitative
A (blank) transformation converts a discrete variable to relative values or numerical ratings. -
answer✔scalar
IAAO recommends properties to be re-inspected every (blank) years. - answer✔6 years
Scalar transformation convert discrete data to? - answer✔numerical ratings
Scalar variables center on "?" in additive models. - answer✔zero
Scalar variables center on "?" in multiplicative models. - answer✔one
A (blank) helps evaluate what data to collect and the best way to collect them. - answer✔pilot study
What is the formula for percentiles? - answer✔k=(p)(n)+p
k = - answer✔rank
p = - answer✔percentile
n = - answer✔sample
How many steps in appraisal process? - answer✔7
What is the first step in the appraisal process? - answer✔Define the problem
What is the second step in the appraisal process? - answer✔determine scope of work
What is the 3rd step in the appraisal process? - answer✔make a preliminary analysis and plan
What is the 4th step in the appraisal process? - answer✔select and collect data
What is the 5th step in the appraisal process? - answer✔determine highest and best use
What is the 6th step in the appraisal process? - answer✔apply appropriate approach to value
What is the 7th step in the appraisal process? - answer✔reconciliation
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