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IAAO Course 300 /57 Questions And Answers
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IAAO Course 300 /57 Questions And Answers
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IAAO Course 300 /57 Questions And AnswersQuiz :Scope of Work Rule - Answer :1. Identify the problem to be solved
2. Determine and perform the scope of work necessary to develop credible
assignment results
3. Disclose the scope of work in the report
Quiz :Scope of work acceptability - Answer :When it meets or exceeds:
1. Expectations of parties who are regularly intended users for similar
assignments and 2. What an Appraiser's peers actions would be in performing the
same or similar assignments
Quiz :Economic Basis of Model Building - Answer :Supply factors relate to
availability and thus reflect such things as Cost, interest rates, and economic
conditions. Demand factors include characteristics to buyers, such as construction
quality, condition, and location.
Quiz :Basic Cost Model Structure - Answer :MV = LV + BV
Quiz :Basic Sales Comparison Basic Model Structure - Answer :MVs = Sc + ADJc
Quiz :Basic Income Models - Answer :1. NOI Model
MV = NOI / OAR
2. GI Model
MV = GI x GIM
Quiz :Model Development - Answer :1. Specification
2. Calibration
3. Quality Assurance
Quiz :Specification - Answer :What data to include in the model and in what
format
1. Additive
2. Multiplicative
3. Hybrid (generic)
, Quiz :Additive Model Structure - Answer :Each of the variables are independent
from the other variables. A change in one variable does not directly impact any
other variables
MV = ($/sqft x sqft) + ($/plumbing fixture x #fixtures) + ($/car stall x #/cars) + ...
Quiz :Multiplicative Model Structure - Answer :Each of the variables are
interdependent. Any change to one variable will have an impact on all of the
other variables.
Quiz :Hybrid (generic) Model Structure - Answer :Combines both additive and
multiplicative model structures
Quiz :Finding Net Operating Income (NOI) - Answer :1. Potential Gross Income
(PGI) 100% occupancy at market rent (market rent is the prevailing rent in the
open market, not the rent called for in a lease)
2. Minus Vacancy and Collection Loss (V&C) - any money lost from units not being
rented or from people not paying rent
3. Plus Miscellaneous Income (Misc Inc) - income from secondary sources, such as
clubhouse rentals, health club memberships, storage rentals, and vending or
laundry machines
4. Equals Effective Gross Income (EGI) - this 100% of the actual money made by
the real property operation.
5. Minus Allowable Expenses and Reserves (Exp & Res) - expenses that have to do
with the operation of the real estate and not the business. Reserves are items
that will wear out before the bone structure, such as carpet, roof, air
conditioners, etc. Reserves are expensed on a prorated basis (ie. Carpet lasts 5
years so if it costs $2, = $400 allowable deduction per year)
6. Equals Net Operating Income (NOI) - the income remaining after expenses and
reserves. This is the "I" in the IRV formula
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