IAAO 300 PRACTICE EXAM 2025/2026 QUESTIONS AND
SOLUTIONS GRADED A+ TIP
✔✔_____________ systems update master files directly from computer workstations
and edits are built into data entry software. - ✔✔Online data entry
✔✔The three method of studies required to evaluate data accuracy are __________,
___________, and ______________. - ✔✔Field, Ratio, and Pilot
✔✔__________________ relates to how accurately recorded information , used to
estimate values reflects current status of the property. - ✔✔Quality
✔✔Qualitative items that three or more predefined values (topography, level, or rolling,
or steep) are known as ________________ data. - ✔✔Discrete
✔✔A ___________ _____________ manual should explain how to collect and code
data thus ensuring greater uniformity among appraisers. - ✔✔data inventory
✔✔A _____________________ edit makes certain that the number of bedrooms does
not exceed the total room count or the square footage of the basement is not greater
than the square footage of the finished area. - ✔✔consistency (logic)
✔✔_________________ data are items where the proper vale is a matter of judgement
and more difficult to verify, - ✔✔qualatative
✔✔__________ relates to the completeness of the available data or what must be
collected to capture local market influences. - ✔✔quantity
✔✔Data collectors should have both _________________ and ________________
training - ✔✔classroom and field
✔✔Mass appraisal standards in uspap - ✔✔Standards 5+6
✔✔Single property appraisal in uspap - ✔✔Standards 1+2
✔✔6 steps in defining problem of mass appraisal - ✔✔1. Identify intended use/users, 2.)
define the values to be developed 3.) establish date for opinion 4.) identify and locate
real estate 5.) identify property rights to be appraised 6.) identify limiting conditions or
limitations
✔✔3 income model structures - ✔✔MV= I/r, MV= noi/oar, mv = gi*gim
✔✔Determining coefficients - ✔✔Model Calibration
, ✔✔Relevant data - ✔✔Model specification
✔✔1st and last step in reappraisal - ✔✔Ratio study
✔✔Data that can take on any value in a range - ✔✔Continuous
✔✔Data that indicate the presence or absence of specific feature, only two possibilities.
- ✔✔Binary Data
✔✔SPRT - ✔✔S=p/ (r*t)
✔✔TPRS - ✔✔T=p/(r*t)
✔✔The three different ways of obtaining sales data from buyers and sellers are -
✔✔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 - ✔✔frequency distribution
✔✔A ________________ _______________ is a graph showing the relationship
between an independent variable and a dependent variable - ✔✔Scatter Plot
✔✔The ____________________ is a midpoint or the middle ration when ratios are
arrayed - ✔✔median
✔✔A _________________ is bar chart or graph of frequency distribution -
✔✔histogram
✔✔The ___________ is the most common measure of appraisal uniformity - ✔✔COD
✔✔The ________________ is a measure of vertical equity in that it looks at the equity
in appraisal of low value and high value properties - ✔✔PRD
✔✔According to IAAO standards, the level of appraisal as measured by the median
ratio should fall between ___ and ___ - ✔✔.90-1.10
✔✔According to IAAO standards, uniformity is measured by the coefficient of dispersion
(COD) and for older heterogenous residential property the COD should be between ___
and ___ - ✔✔15 or 20 ??
SOLUTIONS GRADED A+ TIP
✔✔_____________ systems update master files directly from computer workstations
and edits are built into data entry software. - ✔✔Online data entry
✔✔The three method of studies required to evaluate data accuracy are __________,
___________, and ______________. - ✔✔Field, Ratio, and Pilot
✔✔__________________ relates to how accurately recorded information , used to
estimate values reflects current status of the property. - ✔✔Quality
✔✔Qualitative items that three or more predefined values (topography, level, or rolling,
or steep) are known as ________________ data. - ✔✔Discrete
✔✔A ___________ _____________ manual should explain how to collect and code
data thus ensuring greater uniformity among appraisers. - ✔✔data inventory
✔✔A _____________________ edit makes certain that the number of bedrooms does
not exceed the total room count or the square footage of the basement is not greater
than the square footage of the finished area. - ✔✔consistency (logic)
✔✔_________________ data are items where the proper vale is a matter of judgement
and more difficult to verify, - ✔✔qualatative
✔✔__________ relates to the completeness of the available data or what must be
collected to capture local market influences. - ✔✔quantity
✔✔Data collectors should have both _________________ and ________________
training - ✔✔classroom and field
✔✔Mass appraisal standards in uspap - ✔✔Standards 5+6
✔✔Single property appraisal in uspap - ✔✔Standards 1+2
✔✔6 steps in defining problem of mass appraisal - ✔✔1. Identify intended use/users, 2.)
define the values to be developed 3.) establish date for opinion 4.) identify and locate
real estate 5.) identify property rights to be appraised 6.) identify limiting conditions or
limitations
✔✔3 income model structures - ✔✔MV= I/r, MV= noi/oar, mv = gi*gim
✔✔Determining coefficients - ✔✔Model Calibration
, ✔✔Relevant data - ✔✔Model specification
✔✔1st and last step in reappraisal - ✔✔Ratio study
✔✔Data that can take on any value in a range - ✔✔Continuous
✔✔Data that indicate the presence or absence of specific feature, only two possibilities.
- ✔✔Binary Data
✔✔SPRT - ✔✔S=p/ (r*t)
✔✔TPRS - ✔✔T=p/(r*t)
✔✔The three different ways of obtaining sales data from buyers and sellers are -
✔✔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 - ✔✔frequency distribution
✔✔A ________________ _______________ is a graph showing the relationship
between an independent variable and a dependent variable - ✔✔Scatter Plot
✔✔The ____________________ is a midpoint or the middle ration when ratios are
arrayed - ✔✔median
✔✔A _________________ is bar chart or graph of frequency distribution -
✔✔histogram
✔✔The ___________ is the most common measure of appraisal uniformity - ✔✔COD
✔✔The ________________ is a measure of vertical equity in that it looks at the equity
in appraisal of low value and high value properties - ✔✔PRD
✔✔According to IAAO standards, the level of appraisal as measured by the median
ratio should fall between ___ and ___ - ✔✔.90-1.10
✔✔According to IAAO standards, uniformity is measured by the coefficient of dispersion
(COD) and for older heterogenous residential property the COD should be between ___
and ___ - ✔✔15 or 20 ??
