IAAO 311 2024 UPDATE COMPLETE QUESTIONS AND
ANSWERS GRADED A+ GET IT 100% RIGHT
Which of the following is NOT one of the seven MAJOR steps in the mass appraisal
process?
A. Preliminary survey and analysis
B. Defend value estimates
C. Valuation
D. Correlation of values, model testing, and quality control - B. Defend value estimates
___________is the process of quantifying and evaluating the reliability of value
estimates by comparing values to a representative sample of sales.
A. Model specification
B. Model calibration
C. Model testing
D. Model infusion - C. Model testing
In modern price theory, which of the following is NOT a determinant of demand?
A. Consumer Incomes
B. Price of related commodities
C. Consumer expectations
D. Availability and cost of goods used in the production process. - D. Availability and
cost of goods used in the production process.
The following model structure: V=Bo + (B1*1) +(b2*X2) + (B3 * X3)....is what type of
model?
A. Additive
B. Multiplicative
C. Hybrid
D. None of the above - A. Additive
Which of the following is the most effective but expensive means of collecting income
and expense data?
A. Mail questionnaire
B. Personal interview
C. Telephone
D. Assessment appeals - B. Personal interview
In a net lease the owner pays:
A. All expenses
B. Only operating expenses
C. A pre-specified percentage of operating expenses
,D. No operating expenses - D. No operating expenses
A lease indexed to the Consumer Price Index is an example of:
A. A percentage lease
B. An adjustable lease
C. A graduated lease
D. A net lease - B. An adjustable lease
Interactive effects, in which the impact of certain property characteristics upon value is
interrelated, are best handled by:
A. Additive MRA
B. Stepwise MRA
C. Exponential transformations
D. Multiplicative and quotient transformations - D. Multiplicative and quotient
transformations
Which of the following can best be used to present visually the contents of a frequency
distribution?
A. Array
B. Bar Chart (histogram)
C. Scatter diagram
D. Box Plot - B. Bar chart (histogram)
Scalar values are best centered on 1.00 in:
A. Additive models
B. Multiplicative models
C. Hybrid models
D. All of the above - B. Multiplicative models
Which of the following statistical techniques would be most appropriate for grouping
similar subdivisions for modeling purposes?
A. Multiple regression analysis
B. Location Value Response Surface Analysis
C. Adaptive estimation procedure
D. Cluster analysis - D. Cluster Analysis
Assume that the average age of homes in a neighborhood is 25 years and that the
standard deviation is 3 years. Assuming the data are normally distributed,
approximately 95% of the homes will fall in what age bracket?
A. 22-26
B. 22-28
C. 19-31
D. 16-34 - C. 19-31
, A scatter diagram shows that there is a loose negative correlation between sale price
and distance to the central business district. Which of the following correlation
coefficients would be consistent with the scatter diagram?
A. Zero
B. -2.00
C. -.20
D. .50 - C. -.20
Which of the following best defines the coefficient of dispersion (COD)?
A. Average deviation from the chosen measure of central tendancy
B. Standard deviation of the ratios expressed as a percentage of the mean
C. The range which contains 50 percent of the ratios.
D. Average percentage deviation from the median - D. Average percentage deviation
from the median.
The IAAO standards for the COD for older, heterogeneous residential property is:
A. 5.0 or less
B. 10.0 or less
C. 15.0 or less
D. 20.0 or less - C. 15.0 or less
Assessors need skills in single property appraisal to:
A. Develop valuation models
B. Test values
C. Defend values
D. All of the above - C. Defend values
In a statistical test, the statement or conclusion that is accepted in the absence of
sufficient evidence to the contrary is known as the:
A. First hypothesis
B. Alternative hypothesis
C. Confidence level
D. Null hypothesis - D. Null hypothesis
Consider the following ratios: .89, .96, 1.08, 1.14, and 1.20. What is the coefficient of
variation (COV)?
A. 10.6
B. 11.4
C. 12.1
D. 13.3 - C. 12.1
In the cost approach model, construction costs represent the __________side of the
market and depreciation represents the _________side of the market.
A. demand - supply
B. supply - demand
C. supply - supply
ANSWERS GRADED A+ GET IT 100% RIGHT
Which of the following is NOT one of the seven MAJOR steps in the mass appraisal
process?
A. Preliminary survey and analysis
B. Defend value estimates
C. Valuation
D. Correlation of values, model testing, and quality control - B. Defend value estimates
___________is the process of quantifying and evaluating the reliability of value
estimates by comparing values to a representative sample of sales.
A. Model specification
B. Model calibration
C. Model testing
D. Model infusion - C. Model testing
In modern price theory, which of the following is NOT a determinant of demand?
A. Consumer Incomes
B. Price of related commodities
C. Consumer expectations
D. Availability and cost of goods used in the production process. - D. Availability and
cost of goods used in the production process.
The following model structure: V=Bo + (B1*1) +(b2*X2) + (B3 * X3)....is what type of
model?
A. Additive
B. Multiplicative
C. Hybrid
D. None of the above - A. Additive
Which of the following is the most effective but expensive means of collecting income
and expense data?
A. Mail questionnaire
B. Personal interview
C. Telephone
D. Assessment appeals - B. Personal interview
In a net lease the owner pays:
A. All expenses
B. Only operating expenses
C. A pre-specified percentage of operating expenses
,D. No operating expenses - D. No operating expenses
A lease indexed to the Consumer Price Index is an example of:
A. A percentage lease
B. An adjustable lease
C. A graduated lease
D. A net lease - B. An adjustable lease
Interactive effects, in which the impact of certain property characteristics upon value is
interrelated, are best handled by:
A. Additive MRA
B. Stepwise MRA
C. Exponential transformations
D. Multiplicative and quotient transformations - D. Multiplicative and quotient
transformations
Which of the following can best be used to present visually the contents of a frequency
distribution?
A. Array
B. Bar Chart (histogram)
C. Scatter diagram
D. Box Plot - B. Bar chart (histogram)
Scalar values are best centered on 1.00 in:
A. Additive models
B. Multiplicative models
C. Hybrid models
D. All of the above - B. Multiplicative models
Which of the following statistical techniques would be most appropriate for grouping
similar subdivisions for modeling purposes?
A. Multiple regression analysis
B. Location Value Response Surface Analysis
C. Adaptive estimation procedure
D. Cluster analysis - D. Cluster Analysis
Assume that the average age of homes in a neighborhood is 25 years and that the
standard deviation is 3 years. Assuming the data are normally distributed,
approximately 95% of the homes will fall in what age bracket?
A. 22-26
B. 22-28
C. 19-31
D. 16-34 - C. 19-31
, A scatter diagram shows that there is a loose negative correlation between sale price
and distance to the central business district. Which of the following correlation
coefficients would be consistent with the scatter diagram?
A. Zero
B. -2.00
C. -.20
D. .50 - C. -.20
Which of the following best defines the coefficient of dispersion (COD)?
A. Average deviation from the chosen measure of central tendancy
B. Standard deviation of the ratios expressed as a percentage of the mean
C. The range which contains 50 percent of the ratios.
D. Average percentage deviation from the median - D. Average percentage deviation
from the median.
The IAAO standards for the COD for older, heterogeneous residential property is:
A. 5.0 or less
B. 10.0 or less
C. 15.0 or less
D. 20.0 or less - C. 15.0 or less
Assessors need skills in single property appraisal to:
A. Develop valuation models
B. Test values
C. Defend values
D. All of the above - C. Defend values
In a statistical test, the statement or conclusion that is accepted in the absence of
sufficient evidence to the contrary is known as the:
A. First hypothesis
B. Alternative hypothesis
C. Confidence level
D. Null hypothesis - D. Null hypothesis
Consider the following ratios: .89, .96, 1.08, 1.14, and 1.20. What is the coefficient of
variation (COV)?
A. 10.6
B. 11.4
C. 12.1
D. 13.3 - C. 12.1
In the cost approach model, construction costs represent the __________side of the
market and depreciation represents the _________side of the market.
A. demand - supply
B. supply - demand
C. supply - supply
