IAAO 311 REVIEW QUESTIONS AND
QUIZZES
Whathishahrequirementhofhbothhsingle-propertyhandhmasshappraisal?h-hans-
✔✔Useshthreehbasichapproacheshtohvalue
Whathishthehfirsthstephinhthehmasshappraisalhprocess?h-hans-
✔✔definitionhofhthehproblem
Lisththehthreehtypeshofhdatahthathmusthbehcollectedhinhanalyzinghthehmarket.h-hans-
✔✔Generalhdata
Specifichdata
Comparativehdata
Identifyinghsupplyhandhdemandhfactorshthathbesthexplainhvalueshinhahspecifichmarket,ha
ndhexpressinghthemhinhanhequationhishcalledh_________________________________
_____.h-hans-✔✔modelhspecification
Developinghadjustmenthweightshorhcoefficientshfromhmeasurablehsupplyhandhdemandhf
actorshthathincludehquantitativehfactorshdescribinghthehimprovementshandhqualitativehju
dgmentshaffectinghlandhand/orhimprovementhvaluehishcalledh_____________________
_______________.h-hans-✔✔modelhcalibration
Lisththehfivehdeterminantshofhdemand:h-hans-✔✔Price
Pricehofhrelatedhcommodities
Consumerhtasteshandhpreference
Consumer'shincome
Consumerhexpectations
Lisththehthreehdeterminantshofhsupply:h-hans-✔✔Price
Availabilityhandhcosthofhrelatedhgoods
Technology
Ah____________hhelpshevaluatehwhathdatahtohcollecthandhthehbesthwayhtohcollecthit.h-
hans-✔✔pilothstudy
IAAOhstandardshrecommendhroutinehpropertyhinspectionshathleastheveryh________hyea
rs.h-hans-✔✔six
, Listhfourhmethodshofhobtaininghincomehandhexpensehdata:h-hans-
✔✔Mailhquestionnaires
Telephone
Personalhcontact
Industryhandhtradehpublications
Thehsquarehfoothareahofhahresidencehishconsideredh___________h_____________hdat
ahwhilehthehconditionhratinghishconsideredh_______h___________hdata.h-hans-
✔✔continuoush(quantitative)
discreteh(qualitative)
__________hdatahishqualitativehitemshthathhavehonlyhtwohpossibilities,hyeshorhno.h-
hans-✔✔Binary
Convertinghahdiscretehvariablehtohrelativehvalueshorhnumericalhratingshishtermedhah___
________htransformation.h-hans-✔✔scalar
Thehresulthofhahdepreciationhanalysishshowhthaththeheffecthofhagehonhvaluehis:h%hgood
=Ageh-
.10.hThehpercenthgoodhforh20hyearshofhagehwouldhbeh_________hwhilehthehpercenthgo
odhforh40hyearshofhagehwouldhbe________.h-hans-✔✔0.741
0.692
Thehnaturalhloghforhahlothwithhahdepthhofh150hfeethwouldhbeh_____________.hThehfacto
rhrelativehtohahbasehlothofh100hfeethwouldhbeh_________.h-hans-✔✔5.011
1.088
Ah_____________________________htransformationhhelpshaddresshthehinteractivehrel
ationshiphofhahsizehrelatedhvariablehwithhahquality-relatedhvariable.h-hans-
✔✔multiplicative
Thehdivisionhofhonehvariablehbyhanother,hforhexamplehsquarehfeethbyhnumberhofhrooms,
hishtermedhah________________htransformation.h-hans-✔✔quotient
______________horh________________hareasharehbroadhgeographichareashsubjecthto
hsimilarheconomichinfluences.h-hans-✔✔Market
economic
______________horh____________________harehgroupshofhpropertieshthathsharehsimi
larhlocationhamenities.h-hans-✔✔sub-areas
neighborhood
____________h___________harehusedhprimarilyhinhthehdevelopmenthofhMRAhmodels,h
whileh________harehusedhtohdevelophregressionhvariables.h-hans-✔✔Markethareas
sub-areas
QUIZZES
Whathishahrequirementhofhbothhsingle-propertyhandhmasshappraisal?h-hans-
✔✔Useshthreehbasichapproacheshtohvalue
Whathishthehfirsthstephinhthehmasshappraisalhprocess?h-hans-
✔✔definitionhofhthehproblem
Lisththehthreehtypeshofhdatahthathmusthbehcollectedhinhanalyzinghthehmarket.h-hans-
✔✔Generalhdata
Specifichdata
Comparativehdata
Identifyinghsupplyhandhdemandhfactorshthathbesthexplainhvalueshinhahspecifichmarket,ha
ndhexpressinghthemhinhanhequationhishcalledh_________________________________
_____.h-hans-✔✔modelhspecification
Developinghadjustmenthweightshorhcoefficientshfromhmeasurablehsupplyhandhdemandhf
actorshthathincludehquantitativehfactorshdescribinghthehimprovementshandhqualitativehju
dgmentshaffectinghlandhand/orhimprovementhvaluehishcalledh_____________________
_______________.h-hans-✔✔modelhcalibration
Lisththehfivehdeterminantshofhdemand:h-hans-✔✔Price
Pricehofhrelatedhcommodities
Consumerhtasteshandhpreference
Consumer'shincome
Consumerhexpectations
Lisththehthreehdeterminantshofhsupply:h-hans-✔✔Price
Availabilityhandhcosthofhrelatedhgoods
Technology
Ah____________hhelpshevaluatehwhathdatahtohcollecthandhthehbesthwayhtohcollecthit.h-
hans-✔✔pilothstudy
IAAOhstandardshrecommendhroutinehpropertyhinspectionshathleastheveryh________hyea
rs.h-hans-✔✔six
, Listhfourhmethodshofhobtaininghincomehandhexpensehdata:h-hans-
✔✔Mailhquestionnaires
Telephone
Personalhcontact
Industryhandhtradehpublications
Thehsquarehfoothareahofhahresidencehishconsideredh___________h_____________hdat
ahwhilehthehconditionhratinghishconsideredh_______h___________hdata.h-hans-
✔✔continuoush(quantitative)
discreteh(qualitative)
__________hdatahishqualitativehitemshthathhavehonlyhtwohpossibilities,hyeshorhno.h-
hans-✔✔Binary
Convertinghahdiscretehvariablehtohrelativehvalueshorhnumericalhratingshishtermedhah___
________htransformation.h-hans-✔✔scalar
Thehresulthofhahdepreciationhanalysishshowhthaththeheffecthofhagehonhvaluehis:h%hgood
=Ageh-
.10.hThehpercenthgoodhforh20hyearshofhagehwouldhbeh_________hwhilehthehpercenthgo
odhforh40hyearshofhagehwouldhbe________.h-hans-✔✔0.741
0.692
Thehnaturalhloghforhahlothwithhahdepthhofh150hfeethwouldhbeh_____________.hThehfacto
rhrelativehtohahbasehlothofh100hfeethwouldhbeh_________.h-hans-✔✔5.011
1.088
Ah_____________________________htransformationhhelpshaddresshthehinteractivehrel
ationshiphofhahsizehrelatedhvariablehwithhahquality-relatedhvariable.h-hans-
✔✔multiplicative
Thehdivisionhofhonehvariablehbyhanother,hforhexamplehsquarehfeethbyhnumberhofhrooms,
hishtermedhah________________htransformation.h-hans-✔✔quotient
______________horh________________hareasharehbroadhgeographichareashsubjecthto
hsimilarheconomichinfluences.h-hans-✔✔Market
economic
______________horh____________________harehgroupshofhpropertieshthathsharehsimi
larhlocationhamenities.h-hans-✔✔sub-areas
neighborhood
____________h___________harehusedhprimarilyhinhthehdevelopmenthofhMRAhmodels,h
whileh________harehusedhtohdevelophregressionhvariables.h-hans-✔✔Markethareas
sub-areas
