IAAO 300 Exam Questions With Actual
Responses | Verified
The definition of mass appraisal is the systematic appraisal of groups of properties as of
a given date, using standardized procedures and CORRECT ANSWERS statistical
testing
Building cost, economic conditions and interest rates, are CORRECT ANSWERS
supply factors
Location, conditions and construction quality are CORRECT ANSWERS demand
factors
The basic structure of a model for the sales comparison approach for single fee
apprasial is CORRECT ANSWERS MV=Sc+ADJc
__________________ _____________________ involves the the determination of
what data to include in the model and what format. CORRECT ANSWERS model
specification
Determining the rates used in a model, such as adjusting formulas, tables or schedules
to the current market is known as CORRECT ANSWERS model calibration
MV=LV+BV is the basic model structure for the CORRECT ANSWERS cost model
NOI and Cap Rates are requirements for the CORRECT ANSWERS Income
Capitilization Model
Property valuation seek to explain or predict the _________________
_____________________ of properties from real estate sales and related data.
CORRECT ANSWERS market value
The hybrid (additive/multiplicative) cost model is, and the best indicator of this is
CORRECT ANSWERS MV=GQ*[(Pl*Lsize)+(PI*bsize)+ oa/GQ
The ____________ ______________ is acceptable when it meets or exceeds the
expectations of parties who are regularly intended users for similar assignments, and
what an appraisers pees actions would be in performing the same or similar
assignment. CORRECT ANSWERS scope of work
How many steps are in the general appraisal process? CORRECT ANSWERS 7
, An appraiser establishes the date of value opinion, defines the value to be developed,
and identifies the property rights to be appraised. This is part of the.... CORRECT
ANSWERS Define the problem
The 3 parts of the scope of work rule is CORRECT ANSWERS 1.) Identify Problem 2.)
Determine and perform the scope of work necessary to have credible results 3.)
Disclose the scope of work in the report.
The three components of the property tax system are the ————-, ————, and
—————-. CORRECT ANSWERS Assessment, Appeal, and Collection
A ————— should be conducted to measure and evaluate the accuracy and
uniformity of new values. CORRECT ANSWERS Ratio Study
The receipt of payments and distribution of funds is part of the —————— system.
CORRECT ANSWERS Collection
The four components of the mass appraisal system are: CORRECT ANSWERS 1.) data
collection and maintenance 2.) exploratory analysis 3.) model development 4.) model
application
Analysis of available ——————- such as personnel, maps, and databases are
critical before conducting a reappraisal CORRECT ANSWERS Resources
Sales data, cost data, and income data are components of the __________
____________ portion of data collection and maintenance CORRECT ANSWERS
Market data
Many times a _____________ decision must be made because of statues or
administrative rules CORRECT ANSWERS reappraisal
Property characteristics data should be thoroughly _______________ and
_______________ to ensure quality control CORRECT ANSWERS Edited and tested
Property owners may dispute the assessed property value, and this is part of the
__________ system. CORRECT ANSWERS Appeals
_____________ systems update master files directly from computer workstations and
edits are built into data entry software. CORRECT ANSWERS Online data entry
The three method of studies required to evaluate data accuracy are __________,
___________, and ______________. CORRECT ANSWERS Field, Ratio, and Pilot
__________________ relates to how accurately recorded information , used to estimate
values reflects current status of the property. CORRECT ANSWERS Quality
Responses | Verified
The definition of mass appraisal is the systematic appraisal of groups of properties as of
a given date, using standardized procedures and CORRECT ANSWERS statistical
testing
Building cost, economic conditions and interest rates, are CORRECT ANSWERS
supply factors
Location, conditions and construction quality are CORRECT ANSWERS demand
factors
The basic structure of a model for the sales comparison approach for single fee
apprasial is CORRECT ANSWERS MV=Sc+ADJc
__________________ _____________________ involves the the determination of
what data to include in the model and what format. CORRECT ANSWERS model
specification
Determining the rates used in a model, such as adjusting formulas, tables or schedules
to the current market is known as CORRECT ANSWERS model calibration
MV=LV+BV is the basic model structure for the CORRECT ANSWERS cost model
NOI and Cap Rates are requirements for the CORRECT ANSWERS Income
Capitilization Model
Property valuation seek to explain or predict the _________________
_____________________ of properties from real estate sales and related data.
CORRECT ANSWERS market value
The hybrid (additive/multiplicative) cost model is, and the best indicator of this is
CORRECT ANSWERS MV=GQ*[(Pl*Lsize)+(PI*bsize)+ oa/GQ
The ____________ ______________ is acceptable when it meets or exceeds the
expectations of parties who are regularly intended users for similar assignments, and
what an appraisers pees actions would be in performing the same or similar
assignment. CORRECT ANSWERS scope of work
How many steps are in the general appraisal process? CORRECT ANSWERS 7
, An appraiser establishes the date of value opinion, defines the value to be developed,
and identifies the property rights to be appraised. This is part of the.... CORRECT
ANSWERS Define the problem
The 3 parts of the scope of work rule is CORRECT ANSWERS 1.) Identify Problem 2.)
Determine and perform the scope of work necessary to have credible results 3.)
Disclose the scope of work in the report.
The three components of the property tax system are the ————-, ————, and
—————-. CORRECT ANSWERS Assessment, Appeal, and Collection
A ————— should be conducted to measure and evaluate the accuracy and
uniformity of new values. CORRECT ANSWERS Ratio Study
The receipt of payments and distribution of funds is part of the —————— system.
CORRECT ANSWERS Collection
The four components of the mass appraisal system are: CORRECT ANSWERS 1.) data
collection and maintenance 2.) exploratory analysis 3.) model development 4.) model
application
Analysis of available ——————- such as personnel, maps, and databases are
critical before conducting a reappraisal CORRECT ANSWERS Resources
Sales data, cost data, and income data are components of the __________
____________ portion of data collection and maintenance CORRECT ANSWERS
Market data
Many times a _____________ decision must be made because of statues or
administrative rules CORRECT ANSWERS reappraisal
Property characteristics data should be thoroughly _______________ and
_______________ to ensure quality control CORRECT ANSWERS Edited and tested
Property owners may dispute the assessed property value, and this is part of the
__________ system. CORRECT ANSWERS Appeals
_____________ systems update master files directly from computer workstations and
edits are built into data entry software. CORRECT ANSWERS Online data entry
The three method of studies required to evaluate data accuracy are __________,
___________, and ______________. CORRECT ANSWERS Field, Ratio, and Pilot
__________________ relates to how accurately recorded information , used to estimate
values reflects current status of the property. CORRECT ANSWERS Quality
