1
IAAO 300 COMPLETE COURSE REVIEW
LATEST EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS
What is the main difference between single property appraisal and mass
appraisal? - (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 - (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
, 2
f. Condition - (ANSWER)d.,e.,and f.
Hybrid or generic models are reflective of which approach to value? -
(ANSWER)Cost Approach
What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) -
(ANSWER)Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? - (ANSWER)Ratio Report
A "Yes/No" indicates what type of variable? - (ANSWER)Binary variable
USPAP Standard 6 covers which type of appraisal? - (ANSWER)Mass Appraisal
What are the main components of a Mass Appraisal system? - (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?" - (ANSWER)Discrete
IAAO 300 COMPLETE COURSE REVIEW
LATEST EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS
What is the main difference between single property appraisal and mass
appraisal? - (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 - (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
, 2
f. Condition - (ANSWER)d.,e.,and f.
Hybrid or generic models are reflective of which approach to value? -
(ANSWER)Cost Approach
What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) -
(ANSWER)Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? - (ANSWER)Ratio Report
A "Yes/No" indicates what type of variable? - (ANSWER)Binary variable
USPAP Standard 6 covers which type of appraisal? - (ANSWER)Mass Appraisal
What are the main components of a Mass Appraisal system? - (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?" - (ANSWER)Discrete
