IAAO 300 LATEST 2026 STUDY GUIDE QUESTIONS AND
SOLUTIONS RATED A+
✔✔Q-1 Income and Expense Data - ✔✔Which element is not a property characteristic
data?
✔✔Q-1 Sales Ratio Study - ✔✔A ___________________ plays a key role in
summarizing the achievements of a new system or reappraisal and in preparing for the
next reappraisal.
✔✔Q-1 Specification, Calibration, Quality Assurance - ✔✔Model development has what
components?
✔✔Q-1 Continuous, Discrete, Binary - ✔✔____________________ data can take any
value in a given range and is often based on measurements. ____________________
data is qualitative items that have three or more predefined values.
__________________ data is qualitative items that have only two possibilities, for
example yes or no.
✔✔Soft - Hard - ✔✔A __________________ data edit produces a warning to the
operator indicating the entry may be invalid. A __________________ data edit
precludes the operator from making certain entries.
✔✔Histogram - ✔✔A _______________________ is a graphical representation of a
frequency distribution.
✔✔95 - Mean - ✔✔When data is normally distributed, (approximately a bell-shaped
curve) _____________ percent will be within two standard deviations of the
_______________.
✔✔Cross-tabulation - ✔✔A good way to show the distribution of qualitative variables is?
✔✔Determining reappraisal priorities, Developing market adjustment factors, Planning
and budgeting. - ✔✔Ratio studies are helpful in?
✔✔Multiple Parcel Sales - ✔✔Which of the following types of sales should NOT be
automatically excluded from a sales ratio study?
✔✔Generic - ✔✔Cost models follow the structure of the ___________________
models.
✔✔Cost Manuals - ✔✔_____________________ should contain; replacement cost
tables, depreciation schedules, guidelines for classifying structures, and building feature
codes.
, ✔✔Direct - ✔✔Material, labor, and supervision are _______________ costs.
✔✔Reproduction - ✔✔_______________________ is the cost of constructing an
identical structure.
✔✔Indirect - ✔✔Building permits, architectural and engineering fees, etc. are known as
________________ costs.
✔✔Replacement - ✔✔____________________ is the cost of constructing a substitute
structure of equal utility.
✔✔Market - ✔✔Depreciation schedules must reflect differences in building and
construction types and must be derived from the ________________________.
✔✔Horizontal - ✔✔Floors and roofing are examples of _____________________ cost
components.
✔✔Square Foot - ✔✔When applying the comparative unit method, costs are expressed
on a per _____________________ basis.
✔✔Quantity Survey - ✔✔Proper application of the ___________________ method
requires detailed knowledge of construction.
✔✔Entrepreneurial Profit - ✔✔___________________ is the amount one expects to
receive for his or her contribution to a project that includes risk.
✔✔Geographic Stratification, Cluster Analysis, Global model with location adjustments -
✔✔The three approaches to stratification and location analysis in mass appraisal are?
✔✔Per, Unit, Value - ✔✔_______________________ analyses can be very effective
for homogeneous properties.
✔✔Multiple, Regression, Analysis - ✔✔A statistical technique used for estimating
unknown data based on known and available data is ______________.
✔✔MVs = Sc + ADJc - ✔✔The formula of the sales comparison model is
_____________.
✔✔Generic (Hybrid), Additive, Multiplicative - ✔✔The three basic types of mass
appraisal model structures are?
✔✔Additive - ✔✔MV = b0 + (b1 * X1) + (b2 * X2) + (b3 * X3) ... is known as the
__________________ model.
SOLUTIONS RATED A+
✔✔Q-1 Income and Expense Data - ✔✔Which element is not a property characteristic
data?
✔✔Q-1 Sales Ratio Study - ✔✔A ___________________ plays a key role in
summarizing the achievements of a new system or reappraisal and in preparing for the
next reappraisal.
✔✔Q-1 Specification, Calibration, Quality Assurance - ✔✔Model development has what
components?
✔✔Q-1 Continuous, Discrete, Binary - ✔✔____________________ data can take any
value in a given range and is often based on measurements. ____________________
data is qualitative items that have three or more predefined values.
__________________ data is qualitative items that have only two possibilities, for
example yes or no.
✔✔Soft - Hard - ✔✔A __________________ data edit produces a warning to the
operator indicating the entry may be invalid. A __________________ data edit
precludes the operator from making certain entries.
✔✔Histogram - ✔✔A _______________________ is a graphical representation of a
frequency distribution.
✔✔95 - Mean - ✔✔When data is normally distributed, (approximately a bell-shaped
curve) _____________ percent will be within two standard deviations of the
_______________.
✔✔Cross-tabulation - ✔✔A good way to show the distribution of qualitative variables is?
✔✔Determining reappraisal priorities, Developing market adjustment factors, Planning
and budgeting. - ✔✔Ratio studies are helpful in?
✔✔Multiple Parcel Sales - ✔✔Which of the following types of sales should NOT be
automatically excluded from a sales ratio study?
✔✔Generic - ✔✔Cost models follow the structure of the ___________________
models.
✔✔Cost Manuals - ✔✔_____________________ should contain; replacement cost
tables, depreciation schedules, guidelines for classifying structures, and building feature
codes.
, ✔✔Direct - ✔✔Material, labor, and supervision are _______________ costs.
✔✔Reproduction - ✔✔_______________________ is the cost of constructing an
identical structure.
✔✔Indirect - ✔✔Building permits, architectural and engineering fees, etc. are known as
________________ costs.
✔✔Replacement - ✔✔____________________ is the cost of constructing a substitute
structure of equal utility.
✔✔Market - ✔✔Depreciation schedules must reflect differences in building and
construction types and must be derived from the ________________________.
✔✔Horizontal - ✔✔Floors and roofing are examples of _____________________ cost
components.
✔✔Square Foot - ✔✔When applying the comparative unit method, costs are expressed
on a per _____________________ basis.
✔✔Quantity Survey - ✔✔Proper application of the ___________________ method
requires detailed knowledge of construction.
✔✔Entrepreneurial Profit - ✔✔___________________ is the amount one expects to
receive for his or her contribution to a project that includes risk.
✔✔Geographic Stratification, Cluster Analysis, Global model with location adjustments -
✔✔The three approaches to stratification and location analysis in mass appraisal are?
✔✔Per, Unit, Value - ✔✔_______________________ analyses can be very effective
for homogeneous properties.
✔✔Multiple, Regression, Analysis - ✔✔A statistical technique used for estimating
unknown data based on known and available data is ______________.
✔✔MVs = Sc + ADJc - ✔✔The formula of the sales comparison model is
_____________.
✔✔Generic (Hybrid), Additive, Multiplicative - ✔✔The three basic types of mass
appraisal model structures are?
✔✔Additive - ✔✔MV = b0 + (b1 * X1) + (b2 * X2) + (b3 * X3) ... is known as the
__________________ model.
