IAAO 300 STUDY EXAMS GUIDE QUESTIONS AND
ANSWERS SURE A+
✔✔a. Data collection and maintenance
b. Exploratory data analysis
c. Model development
d. Model application, review, and reconciliation - ✔✔The four components of the mass
appraisal system are:
✔✔resources - ✔✔Analysis of available _________ such as personnel, maps and
databases are critical before conducting a reappraisal
✔✔market data - ✔✔Sales data, cost data, and income data are components of the
_______ portion of data collection & maintenance
✔✔reappraisal - ✔✔Many times, a _________ decision must be made because of
statutes or administrative rules
✔✔edited, tested - ✔✔Property characteristics data should be thoroughly ______ and
_____ to ensure quality control
✔✔appeal - ✔✔Property owners may dispute their value, and this is part of the appeal
system
, ✔✔field studies, ratio studies, pilot studies - ✔✔The three methods of studies required
to evaluate data accuracy are _____, _____, and _____
✔✔quality - ✔✔________ relates to how accurately recorded information, used to
estimate values reflects current status of the property.
✔✔discrete - ✔✔Qualitative items that have three or more predefined values e.g.
(topography: level, rolling or steep) are known as discrete data
✔✔data inventory - ✔✔A _________ manual should explain how to collect and code
data thus ensuring greater uniformity among appraisers
✔✔consistency - ✔✔A _____ edit makes certain that the number of bedrooms does not
exceed the total room county or the square footage of the basement is not greater than
the square footage if the finished area
✔✔subjective - ✔✔_____ data are items where the proper value is a matter of judgment
and more difficult to verify
✔✔quantity - ✔✔relates to the completeness of the available data or what must be
collected to capture local market influence
✔✔classroom, field - ✔✔data collectors should have both _______ and ______ training
✔✔array - ✔✔The listing of data in order of magnitude (either ascending or descending)
is termed a/an
✔✔histogram - ✔✔The charting of a frequency distribution using a ______ illustrates
the extent to which sales ratios are in a normal (bell-shape) distribution
✔✔range, quartiles, percentiles, standard deviation, coefficient of variation - ✔✔List five
common measures of dispersion
✔✔Crosstabulations - ✔✔_________ show the distribution of values for two binary or
discrete variables
✔✔scatter diagrams - ✔✔_________ show the relationship between two quantitative
variables with the dependent variable placed on the vertical axis and the independent
variable placed on the horizontal axis
✔✔polygon - ✔✔A ______ can be used to show several variables simultaneously, or
the same variable for different strata
ANSWERS SURE A+
✔✔a. Data collection and maintenance
b. Exploratory data analysis
c. Model development
d. Model application, review, and reconciliation - ✔✔The four components of the mass
appraisal system are:
✔✔resources - ✔✔Analysis of available _________ such as personnel, maps and
databases are critical before conducting a reappraisal
✔✔market data - ✔✔Sales data, cost data, and income data are components of the
_______ portion of data collection & maintenance
✔✔reappraisal - ✔✔Many times, a _________ decision must be made because of
statutes or administrative rules
✔✔edited, tested - ✔✔Property characteristics data should be thoroughly ______ and
_____ to ensure quality control
✔✔appeal - ✔✔Property owners may dispute their value, and this is part of the appeal
system
, ✔✔field studies, ratio studies, pilot studies - ✔✔The three methods of studies required
to evaluate data accuracy are _____, _____, and _____
✔✔quality - ✔✔________ relates to how accurately recorded information, used to
estimate values reflects current status of the property.
✔✔discrete - ✔✔Qualitative items that have three or more predefined values e.g.
(topography: level, rolling or steep) are known as discrete data
✔✔data inventory - ✔✔A _________ manual should explain how to collect and code
data thus ensuring greater uniformity among appraisers
✔✔consistency - ✔✔A _____ edit makes certain that the number of bedrooms does not
exceed the total room county or the square footage of the basement is not greater than
the square footage if the finished area
✔✔subjective - ✔✔_____ data are items where the proper value is a matter of judgment
and more difficult to verify
✔✔quantity - ✔✔relates to the completeness of the available data or what must be
collected to capture local market influence
✔✔classroom, field - ✔✔data collectors should have both _______ and ______ training
✔✔array - ✔✔The listing of data in order of magnitude (either ascending or descending)
is termed a/an
✔✔histogram - ✔✔The charting of a frequency distribution using a ______ illustrates
the extent to which sales ratios are in a normal (bell-shape) distribution
✔✔range, quartiles, percentiles, standard deviation, coefficient of variation - ✔✔List five
common measures of dispersion
✔✔Crosstabulations - ✔✔_________ show the distribution of values for two binary or
discrete variables
✔✔scatter diagrams - ✔✔_________ show the relationship between two quantitative
variables with the dependent variable placed on the vertical axis and the independent
variable placed on the horizontal axis
✔✔polygon - ✔✔A ______ can be used to show several variables simultaneously, or
the same variable for different strata
