IAAO Course 300 Questions and Answers | Fall 2025/2026
Update | 100% Correct
Question 1
Scope of Work Rule
Correct Answer
1. Identify the problem to be solved
2. Determine and perform the scope of work necessary to develop credible assignment results
3. Disclose the scope of work in the report
Question 2
Scope of work acceptability
Correct Answer
When it meets or exceeds:
1. Expectations of parties who are regularly intended users for similar assignments and 2. What an Appraiser's peers
actions would be in performing the same or similar assignments
Page 1 of 25
,Question 3
Economic Basis of Model Building
Correct Answer
Supply factors relate to availability and thus reflect such things as Cost, interest rates, and economic conditions. Demand
factors include characteristics to buyers, such as construction quality, condition, and location.
Question 4
Basic Cost Model Structure
Correct Answer
MV = LV + BV
Question 5
Basic Sales Comparison Basic Model Structure
Correct Answer
MVs = Sc + ADJc
Page 2 of 25
, Question 6
Basic Income Models
Correct Answer
1. NOI Model
MV = NOI / OAR
2. GI Model
MV = GI x GIM
Question 7
Model Development
Correct Answer
1. Specification
2. Calibration
3. Quality Assurance
Question 8
Specification
Correct Answer
What data to include in the model and in what format
1. Additive
2. Multiplicative
3. Hybrid (generic)
Page 3 of 25
Update | 100% Correct
Question 1
Scope of Work Rule
Correct Answer
1. Identify the problem to be solved
2. Determine and perform the scope of work necessary to develop credible assignment results
3. Disclose the scope of work in the report
Question 2
Scope of work acceptability
Correct Answer
When it meets or exceeds:
1. Expectations of parties who are regularly intended users for similar assignments and 2. What an Appraiser's peers
actions would be in performing the same or similar assignments
Page 1 of 25
,Question 3
Economic Basis of Model Building
Correct Answer
Supply factors relate to availability and thus reflect such things as Cost, interest rates, and economic conditions. Demand
factors include characteristics to buyers, such as construction quality, condition, and location.
Question 4
Basic Cost Model Structure
Correct Answer
MV = LV + BV
Question 5
Basic Sales Comparison Basic Model Structure
Correct Answer
MVs = Sc + ADJc
Page 2 of 25
, Question 6
Basic Income Models
Correct Answer
1. NOI Model
MV = NOI / OAR
2. GI Model
MV = GI x GIM
Question 7
Model Development
Correct Answer
1. Specification
2. Calibration
3. Quality Assurance
Question 8
Specification
Correct Answer
What data to include in the model and in what format
1. Additive
2. Multiplicative
3. Hybrid (generic)
Page 3 of 25
