IAAO 300 CORE EXAM TEST 2026 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Expense Ratios - ✔✔Property taxes should not be included when estimating
✔✔Building Type, Location, Age/Condition - ✔✔List three factors that should be
considered when stratifying properties or specifying models for the development of
GIMs and OAR's.
✔✔MV = GI * GIM - ✔✔The formula of a gross income model is
_________________________.
✔✔Stratification - Modeling - ✔✔Two basic methods of estimating gross income in
mass appraisal are __________________________ and ______________________.
✔✔Gross - Income - Unit - ✔✔The dependent variable in gross income models should
be __________________ ______________________ per _______________.
✔✔Property Characteristics - ✔✔Independent variables in gross income models should
be ______________________ ___________________________ important in
explaining differences in gross income.
✔✔Overall - Expense - Ratio - ✔✔The dependent variable in expense ratio models
should be the ______________________________.
✔✔Central - Tendency - Dispersion - ✔✔In the development of gross income multipliers
(GIM'S) the appraiser should first stratify the properties and then compute measures of
_________________ ____________ and _________________ for each strata.
✔✔Independent - ✔✔Additive models for the sales comparison approach assumes that
the impact of property characteristics upon value is ____________________ and
therefore can be added.
✔✔Hybrid (generic) - ✔✔The ___________________ model is the most flexible model
structure, but it is the most difficult to calibrate.
✔✔Geographic Stratification - ✔✔The most common approach to stratification in mass
appraisal modeling is?
✔✔Measures of central tendency and dispersion - ✔✔Per unit value analysis requires
the stratification of properties, the calculation of appropriate units of comparison and the
selection of the most appropriate unit based on?
, ✔✔Does not produce separate land and building values - ✔✔One of the limitations to
multiple regression analysis is that it?
✔✔Produces separate land and building values - ✔✔One of the strengths of "feedback"
is that it?
✔✔Hybrid (generic) models - ✔✔In mass appraisal, cost models follow the structure of?
✔✔Construction Supervision - ✔✔Mass appraisal cost models contain both direct and
indirect costs. An example of a direct cost would be?
✔✔Comparative Unit Method - ✔✔The most common method of estimating cost in
mass appraisal is?
✔✔Includes indirect cost, Be supported by a training program, Be computerized - ✔✔A
desirable feature of a cost manual would be that it?
✔✔Replacement Costs - ✔✔The comparative unit method of cost estimation tends to
produce?
✔✔MV = NOI / OAR - ✔✔The structure of a net income model would be?
✔✔MV = GI x GIM - ✔✔The structure of a gross income model would be?
✔✔Generic Hybrid - ✔✔The following equation MVs = GQ * (p\P1 * Q1) + (Pl * Ql) + OA
is a _______________________ model?
✔✔Buyer pays points - ✔✔An adjustment to a sales price for financing should NOT be
considered when?
✔✔All of the above - Identify the problem to be solved; Determine and perform the
scope necessary to develop creditable assignment results; Disclose the scope of work
in the report. - ✔✔An appraiser must do which of the following for each appraisal?
✔✔Use of the same approaches to value. - ✔✔A similarity between single property
appraisal and mass appraisal is:
✔✔Competitive properties - ✔✔The first step in the appraisal process is problem
identification; also know as defining the valuation problem. Which of the following is not
part of the problem identification process:
✔✔Data is keyed to a temporary "hold" file - ✔✔Which of the following distinguish the
batch procession method of file updating:
SOLUTIONS RATED A+
✔✔Expense Ratios - ✔✔Property taxes should not be included when estimating
✔✔Building Type, Location, Age/Condition - ✔✔List three factors that should be
considered when stratifying properties or specifying models for the development of
GIMs and OAR's.
✔✔MV = GI * GIM - ✔✔The formula of a gross income model is
_________________________.
✔✔Stratification - Modeling - ✔✔Two basic methods of estimating gross income in
mass appraisal are __________________________ and ______________________.
✔✔Gross - Income - Unit - ✔✔The dependent variable in gross income models should
be __________________ ______________________ per _______________.
✔✔Property Characteristics - ✔✔Independent variables in gross income models should
be ______________________ ___________________________ important in
explaining differences in gross income.
✔✔Overall - Expense - Ratio - ✔✔The dependent variable in expense ratio models
should be the ______________________________.
✔✔Central - Tendency - Dispersion - ✔✔In the development of gross income multipliers
(GIM'S) the appraiser should first stratify the properties and then compute measures of
_________________ ____________ and _________________ for each strata.
✔✔Independent - ✔✔Additive models for the sales comparison approach assumes that
the impact of property characteristics upon value is ____________________ and
therefore can be added.
✔✔Hybrid (generic) - ✔✔The ___________________ model is the most flexible model
structure, but it is the most difficult to calibrate.
✔✔Geographic Stratification - ✔✔The most common approach to stratification in mass
appraisal modeling is?
✔✔Measures of central tendency and dispersion - ✔✔Per unit value analysis requires
the stratification of properties, the calculation of appropriate units of comparison and the
selection of the most appropriate unit based on?
, ✔✔Does not produce separate land and building values - ✔✔One of the limitations to
multiple regression analysis is that it?
✔✔Produces separate land and building values - ✔✔One of the strengths of "feedback"
is that it?
✔✔Hybrid (generic) models - ✔✔In mass appraisal, cost models follow the structure of?
✔✔Construction Supervision - ✔✔Mass appraisal cost models contain both direct and
indirect costs. An example of a direct cost would be?
✔✔Comparative Unit Method - ✔✔The most common method of estimating cost in
mass appraisal is?
✔✔Includes indirect cost, Be supported by a training program, Be computerized - ✔✔A
desirable feature of a cost manual would be that it?
✔✔Replacement Costs - ✔✔The comparative unit method of cost estimation tends to
produce?
✔✔MV = NOI / OAR - ✔✔The structure of a net income model would be?
✔✔MV = GI x GIM - ✔✔The structure of a gross income model would be?
✔✔Generic Hybrid - ✔✔The following equation MVs = GQ * (p\P1 * Q1) + (Pl * Ql) + OA
is a _______________________ model?
✔✔Buyer pays points - ✔✔An adjustment to a sales price for financing should NOT be
considered when?
✔✔All of the above - Identify the problem to be solved; Determine and perform the
scope necessary to develop creditable assignment results; Disclose the scope of work
in the report. - ✔✔An appraiser must do which of the following for each appraisal?
✔✔Use of the same approaches to value. - ✔✔A similarity between single property
appraisal and mass appraisal is:
✔✔Competitive properties - ✔✔The first step in the appraisal process is problem
identification; also know as defining the valuation problem. Which of the following is not
part of the problem identification process:
✔✔Data is keyed to a temporary "hold" file - ✔✔Which of the following distinguish the
batch procession method of file updating:
