IAAO 300 EXAM QUESTIONS AND
CORRECT ANSWERS
Additive models for the sales comparison approach assumes that the impact of property
characteristics upon value is _______________ and therefore can be added. - Answer-
independent
The ________________ model is the most flexible model structure, but it is the most
difficult to calibrate. - Answer- Hybrid
The most common approach to stratification in mass appraisal modeling is - Answer-
Geographic
The three different ways of obtaining sales data from buyers and sellers are - Answer-
sales questionnaires, telephone interview, and face to face interview
A ____________ _____________ show the number of ratios falling within specified
intervals and also reveals patterns and trends of a sample - Answer- frequency
distribution
A ________________ _______________ is a graph showing the relationship between
an independent variable and a dependent variable - Answer- Scatter Plot
The ____________________ is a midpoint or the middle ration when ratios are arrayed
- Answer- median
A _________________ is bar chart or graph of frequency distribution - Answer-
histogram
The ___________ is the most common measure of appraisal uniformity - Answer- COD
The ________________ is a measure of vertical equity in that it looks at the equity in
appraisal of low value and high value properties - Answer- PRD
Per unit Value analysis requires the stratification of properties, the calculation of
appropriate units of comparison and the selection of the most appropriate unit is based
on - Answer- Measure of central tendency and dispersion
One of the limitations of multiple regreession analysis is that it - Answer- Does not
produce separate land and building values
, One of the strengths of feedback is that it - Answer- Produces separate land and
building values
In mass appraisal, cost models follow the structure of - Answer- Hybrid Generic Models
The most common method of estimating cost in mass appraisal is - Answer-
Comparative Unit Method
Desirable features of cost manuals would that it - Answer- Includes indirect cost, be
supported by a training program and be computerized
The comparative unit method of cost estimation tends to produce - Answer-
replacement cost
The structure of a net income model would be - Answer- MV=Noi/oar
The structure of gross income model be - Answer- mv=gi*gim
The following equation mv=GQ*[p1*q1) x (PlxQl)]+OA is a _______________ model? -
Answer- Hybrid Generic
Ratio studies are helpful in - Answer- determining reappraisal priorities, developing
market adjustment factors, planning and budgeting
What should not be automatically excludes from a sales ratio study? - Answer- Multiple
Parcel Sales
When doing a per unit analysis find the - Answer- Cov
To estimate gross income per unit you want to - Answer- Array the units and find the
standard deviation and cod. This will tell you if the median is a good indicator of actual
rents
The definition of mass appraisal is the systematic appraisal of groups of properties as of
a given date, using standardized procedures and - Answer- statistical testing
Building cost, economic conditions and interest rates, are - Answer- supply factors
Location, conditions and construction quality are - Answer- demand factors
The basic structure of a model for the sales comparison approach for single fee
apprasial is - Answer- MV=Sc+ADJc
__________________ _____________________ involves the the determination of
what data to include in the model and what format. - Answer- model specification
CORRECT ANSWERS
Additive models for the sales comparison approach assumes that the impact of property
characteristics upon value is _______________ and therefore can be added. - Answer-
independent
The ________________ model is the most flexible model structure, but it is the most
difficult to calibrate. - Answer- Hybrid
The most common approach to stratification in mass appraisal modeling is - Answer-
Geographic
The three different ways of obtaining sales data from buyers and sellers are - Answer-
sales questionnaires, telephone interview, and face to face interview
A ____________ _____________ show the number of ratios falling within specified
intervals and also reveals patterns and trends of a sample - Answer- frequency
distribution
A ________________ _______________ is a graph showing the relationship between
an independent variable and a dependent variable - Answer- Scatter Plot
The ____________________ is a midpoint or the middle ration when ratios are arrayed
- Answer- median
A _________________ is bar chart or graph of frequency distribution - Answer-
histogram
The ___________ is the most common measure of appraisal uniformity - Answer- COD
The ________________ is a measure of vertical equity in that it looks at the equity in
appraisal of low value and high value properties - Answer- PRD
Per unit Value analysis requires the stratification of properties, the calculation of
appropriate units of comparison and the selection of the most appropriate unit is based
on - Answer- Measure of central tendency and dispersion
One of the limitations of multiple regreession analysis is that it - Answer- Does not
produce separate land and building values
, One of the strengths of feedback is that it - Answer- Produces separate land and
building values
In mass appraisal, cost models follow the structure of - Answer- Hybrid Generic Models
The most common method of estimating cost in mass appraisal is - Answer-
Comparative Unit Method
Desirable features of cost manuals would that it - Answer- Includes indirect cost, be
supported by a training program and be computerized
The comparative unit method of cost estimation tends to produce - Answer-
replacement cost
The structure of a net income model would be - Answer- MV=Noi/oar
The structure of gross income model be - Answer- mv=gi*gim
The following equation mv=GQ*[p1*q1) x (PlxQl)]+OA is a _______________ model? -
Answer- Hybrid Generic
Ratio studies are helpful in - Answer- determining reappraisal priorities, developing
market adjustment factors, planning and budgeting
What should not be automatically excludes from a sales ratio study? - Answer- Multiple
Parcel Sales
When doing a per unit analysis find the - Answer- Cov
To estimate gross income per unit you want to - Answer- Array the units and find the
standard deviation and cod. This will tell you if the median is a good indicator of actual
rents
The definition of mass appraisal is the systematic appraisal of groups of properties as of
a given date, using standardized procedures and - Answer- statistical testing
Building cost, economic conditions and interest rates, are - Answer- supply factors
Location, conditions and construction quality are - Answer- demand factors
The basic structure of a model for the sales comparison approach for single fee
apprasial is - Answer- MV=Sc+ADJc
__________________ _____________________ involves the the determination of
what data to include in the model and what format. - Answer- model specification
