IAAO 300 UPDATED 2026 EXAM SCRIPT QUESTIONS AND
SOLUTIONS RATED A+
✔✔Requirements of a mass appraisal system: - ✔✔Three primary files: (Parcel,
property characteristics and sales file) and methods of updating files: (Batch data entry
and online data entry)
✔✔Batch data entry: - ✔✔Hold file
✔✔Online data entry: - ✔✔Live file
✔✔Steps in reappraisal: - ✔✔Performance analysis (ratio study) reappraisal decision,
analysis of available resources, planning and organizing, system development
procedures, data collection, system implementation, valuation, preparation of
assessment roll and final performance analysis (ratio study).
✔✔Data accuracy is determined by: - ✔✔The quality and quantity of the data.
✔✔Quality - ✔✔Relates to how accurately recorded information, used to estimate
values, reflects the current status of the property.
✔✔Quantity - ✔✔Relates to the completeness of the available data or what must be
collected to capture local market influences.
✔✔Methods of evaluating data adequacy: - ✔✔Field study, ratio study and pilot study.
✔✔Qualitative data: - ✔✔Subjective
✔✔Quantitative data: - ✔✔Objective
✔✔Continuous data: - ✔✔Quantitative (objective)
✔✔Discrete or categorical data: - ✔✔Qualitative (subjective)
✔✔Binary data: - ✔✔Qualitative (subjective); yes or no
✔✔Objective data: - ✔✔Quantitative
✔✔Subjective data - ✔✔Qualitative
✔✔Types of data edits: - ✔✔Range edits and consistency (logic) edits
✔✔Range data edits: - ✔✔Hard edits, data does not fit
, ✔✔Consistency (logic) data edits: - ✔✔Soft edits, count is off
✔✔Array: - ✔✔A listing of data in order of magnitude (either ascending or descending)
✔✔Frequency distribution: - ✔✔Shows the number of cases for: each value of a
variable in the case of binary and discrete data and logical groups of values, termed
"intervals" or "classes" for continuous variables.
✔✔General rules for constructing a frequency distribution: - ✔✔Choose at least 5 and
not more than 15 intervals or classes, choose intervals or classes that: do not overlap,
include all the data (the first in the last can be open ended) and are logical and easy to
work with.
✔✔One variable charts and graphs: - ✔✔Histogram and pie chart.
✔✔Histogram - ✔✔Bar chart; can be used for both continuous and discrete data.
✔✔Common measures of central tendency: - ✔✔Median, mean and mode.
✔✔Common measures of dispersion: - ✔✔Range, quartiles, percentiles, standard
deviation and coefficient of variation.
✔✔Comparison of two variables: - ✔✔Cross tabulation's, scatter diagrams,
breakdowns, polygons (line charts).
✔✔Three-way comparisons: - ✔✔Contingency tables in 3-D diagrams.
✔✔Scatter diagrams: - ✔✔The dependent variable is shown on the vertical axis, the
independent variable is shown on the horizontal axis.
✔✔Quartiles - ✔✔Divide a set of data into four equal parts when the data are arrayed in
ascending order. The first quartile is the value below which the lowest quarter of the
data fall, the second quartile is the median, the third quartile is the value below which
75% of the data fall, etc.
✔✔Percentiles - ✔✔Values that divide a set of data into specified percentages when
data is arrayed in ascending order. The 10th percentile is the value of the observation
below which the lowest 10% of the data fall, the 20th percentile is the value below which
the lowest 20% of the data fall etc.
✔✔The rank of the observations corresponding to a specific quartile or percentile can
be found by this formula: - ✔✔K = (p)(n) + p
Where:
SOLUTIONS RATED A+
✔✔Requirements of a mass appraisal system: - ✔✔Three primary files: (Parcel,
property characteristics and sales file) and methods of updating files: (Batch data entry
and online data entry)
✔✔Batch data entry: - ✔✔Hold file
✔✔Online data entry: - ✔✔Live file
✔✔Steps in reappraisal: - ✔✔Performance analysis (ratio study) reappraisal decision,
analysis of available resources, planning and organizing, system development
procedures, data collection, system implementation, valuation, preparation of
assessment roll and final performance analysis (ratio study).
✔✔Data accuracy is determined by: - ✔✔The quality and quantity of the data.
✔✔Quality - ✔✔Relates to how accurately recorded information, used to estimate
values, reflects the current status of the property.
✔✔Quantity - ✔✔Relates to the completeness of the available data or what must be
collected to capture local market influences.
✔✔Methods of evaluating data adequacy: - ✔✔Field study, ratio study and pilot study.
✔✔Qualitative data: - ✔✔Subjective
✔✔Quantitative data: - ✔✔Objective
✔✔Continuous data: - ✔✔Quantitative (objective)
✔✔Discrete or categorical data: - ✔✔Qualitative (subjective)
✔✔Binary data: - ✔✔Qualitative (subjective); yes or no
✔✔Objective data: - ✔✔Quantitative
✔✔Subjective data - ✔✔Qualitative
✔✔Types of data edits: - ✔✔Range edits and consistency (logic) edits
✔✔Range data edits: - ✔✔Hard edits, data does not fit
, ✔✔Consistency (logic) data edits: - ✔✔Soft edits, count is off
✔✔Array: - ✔✔A listing of data in order of magnitude (either ascending or descending)
✔✔Frequency distribution: - ✔✔Shows the number of cases for: each value of a
variable in the case of binary and discrete data and logical groups of values, termed
"intervals" or "classes" for continuous variables.
✔✔General rules for constructing a frequency distribution: - ✔✔Choose at least 5 and
not more than 15 intervals or classes, choose intervals or classes that: do not overlap,
include all the data (the first in the last can be open ended) and are logical and easy to
work with.
✔✔One variable charts and graphs: - ✔✔Histogram and pie chart.
✔✔Histogram - ✔✔Bar chart; can be used for both continuous and discrete data.
✔✔Common measures of central tendency: - ✔✔Median, mean and mode.
✔✔Common measures of dispersion: - ✔✔Range, quartiles, percentiles, standard
deviation and coefficient of variation.
✔✔Comparison of two variables: - ✔✔Cross tabulation's, scatter diagrams,
breakdowns, polygons (line charts).
✔✔Three-way comparisons: - ✔✔Contingency tables in 3-D diagrams.
✔✔Scatter diagrams: - ✔✔The dependent variable is shown on the vertical axis, the
independent variable is shown on the horizontal axis.
✔✔Quartiles - ✔✔Divide a set of data into four equal parts when the data are arrayed in
ascending order. The first quartile is the value below which the lowest quarter of the
data fall, the second quartile is the median, the third quartile is the value below which
75% of the data fall, etc.
✔✔Percentiles - ✔✔Values that divide a set of data into specified percentages when
data is arrayed in ascending order. The 10th percentile is the value of the observation
below which the lowest 10% of the data fall, the 20th percentile is the value below which
the lowest 20% of the data fall etc.
✔✔The rank of the observations corresponding to a specific quartile or percentile can
be found by this formula: - ✔✔K = (p)(n) + p
Where: