IAAO 300: COMPLETE COURSE REVIEW 2024
|50 QUESTIONS AND CORRECT
DETAILEDANSWERS 100% PASS
What is the main difference between single property
appraisal and mass appraisal? - CORRECT ANSWER ✔️
1. Group vs Particular 2. Mass Appraisal emphasizes
standardized and statistical quality control features
In the Appraisal Process, "Define the valuation problem"
does not include which of the following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion - CORRECT
ANSWER ✔️ d. and f.
Supply and demand factors determine Real Estate values.
Which are not supply factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition - CORRECT ANSWER ✔️ d.,e.,and f.
, Hybrid or generic models are reflective of which approach
to value? - CORRECT ANSWER ✔️ Cost Approach
What type of model is the following formula? MV=GQ x
((PL x SIZE)+(PB x SIZE)) - CORRECT ANSWER ✔️
Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? -
CORRECT ANSWER ✔️ Ratio Report
A "Yes/No" indicates what type of variable? - CORRECT
ANSWER ✔️ Binary variable
USPAP Standard 6 covers which type of appraisal? -
CORRECT ANSWER ✔️ Mass Appraisal
What are the main components of a Mass Appraisal
system? - CORRECT ANSWER ✔️ 1. Market Data
collection
2. Data analysis
3. Development of a model
4. Application of created model
What kind of variable takes on specific, predefined values
such as "log, a-frame, split-level, ranch?" - CORRECT
ANSWER ✔️ Discrete
If you need to work 6,000 parcels using 6 appraisers that
can work 20 parcels/day. How many days are needed to
complete the project? - CORRECT ANSWER ✔️ 50 days
|50 QUESTIONS AND CORRECT
DETAILEDANSWERS 100% PASS
What is the main difference between single property
appraisal and mass appraisal? - CORRECT ANSWER ✔️
1. Group vs Particular 2. Mass Appraisal emphasizes
standardized and statistical quality control features
In the Appraisal Process, "Define the valuation problem"
does not include which of the following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion - CORRECT
ANSWER ✔️ d. and f.
Supply and demand factors determine Real Estate values.
Which are not supply factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition - CORRECT ANSWER ✔️ d.,e.,and f.
, Hybrid or generic models are reflective of which approach
to value? - CORRECT ANSWER ✔️ Cost Approach
What type of model is the following formula? MV=GQ x
((PL x SIZE)+(PB x SIZE)) - CORRECT ANSWER ✔️
Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? -
CORRECT ANSWER ✔️ Ratio Report
A "Yes/No" indicates what type of variable? - CORRECT
ANSWER ✔️ Binary variable
USPAP Standard 6 covers which type of appraisal? -
CORRECT ANSWER ✔️ Mass Appraisal
What are the main components of a Mass Appraisal
system? - CORRECT ANSWER ✔️ 1. Market Data
collection
2. Data analysis
3. Development of a model
4. Application of created model
What kind of variable takes on specific, predefined values
such as "log, a-frame, split-level, ranch?" - CORRECT
ANSWER ✔️ Discrete
If you need to work 6,000 parcels using 6 appraisers that
can work 20 parcels/day. How many days are needed to
complete the project? - CORRECT ANSWER ✔️ 50 days
