IAAO 311 Review Questions and Quizzes
What is a requirement of both single-property and mass appraisal? - Answer-Uses three basic
approaches to value
What is the first step in the mass appraisal process? - Answer-definition of the problem
List the three types of data that must be collected in analyzing the market. - Answer-General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific market, and expressing them
in an equation is called ______________________________________. - Answer-model specification
Developing adjustment weights or coefficients from measurable supply and demand factors that include
quantitative factors describing the improvements and qualitative judgments affecting land and/or
improvement value is called ____________________________________. - Answer-model calibration
List the five determinants of demand: - Answer-Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
, List the three determinants of supply: - Answer-Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to collect it. - Answer-pilot study
IAAO standards recommend routine property inspections at least every ________ years. - Answer-six
List four methods of obtaining income and expense data: - Answer-Mail questionnaires
Telephone
Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________ _____________ data while the condition
rating is considered _______ ___________ data. - Answer-continuous (quantitative)
discrete (qualitative)
__________ data is qualitative items that have only two possibilities, yes or no. - Answer-Binary
Converting a discrete variable to relative values or numerical ratings is termed a ___________
transformation. - Answer-scalar
The result of a depreciation analysis show that the effect of age on value is: % good=Age -.10. The
percent good for 20 years of age would be _________ while the percent good for 40 years of age would
be________. - Answer-0.741
0.692
What is a requirement of both single-property and mass appraisal? - Answer-Uses three basic
approaches to value
What is the first step in the mass appraisal process? - Answer-definition of the problem
List the three types of data that must be collected in analyzing the market. - Answer-General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific market, and expressing them
in an equation is called ______________________________________. - Answer-model specification
Developing adjustment weights or coefficients from measurable supply and demand factors that include
quantitative factors describing the improvements and qualitative judgments affecting land and/or
improvement value is called ____________________________________. - Answer-model calibration
List the five determinants of demand: - Answer-Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
, List the three determinants of supply: - Answer-Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to collect it. - Answer-pilot study
IAAO standards recommend routine property inspections at least every ________ years. - Answer-six
List four methods of obtaining income and expense data: - Answer-Mail questionnaires
Telephone
Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________ _____________ data while the condition
rating is considered _______ ___________ data. - Answer-continuous (quantitative)
discrete (qualitative)
__________ data is qualitative items that have only two possibilities, yes or no. - Answer-Binary
Converting a discrete variable to relative values or numerical ratings is termed a ___________
transformation. - Answer-scalar
The result of a depreciation analysis show that the effect of age on value is: % good=Age -.10. The
percent good for 20 years of age would be _________ while the percent good for 40 years of age would
be________. - Answer-0.741
0.692
