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IAAO 311 ACTUAL EXAM STUDY GUIDE WITH
QUESTIONS AND ANSWERS
>>>>Which of the following is most likely to increase the current demand for
owner-occupied residential property?
A. Expected increase in future home prices.
B. New construction that results in an increased supply of available homes.
C. A decrease in apartment rents.
D. A general tax increase. - ANSWER ✓ Expected increase in future home prices
>>>>According to modern price theory, value is a function of:
A. Supply and demand
B. Embedding labor and profit
C. Utility-the ability to satisfy consumer needs and preferences
D. Cost of construction or acquisition - ANSWER ✓ Supply and demand
>>>>Assume that goods A &B are substitute commodities. If the price of A rises,
the price of B can be expected to:
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A. Remain unchanged
B. Increase
C. Decrease
D. Insufficient information - ANSWER ✓ Increase
>>>>If supply increases while demand remains unchanged, price will most likely:
A. Remain unchanged
B. Increase
C. Decrease
D. Insufficient information - ANSWER ✓ Decrease
>>>>Which of follow is a requirement of both single-property and mass appraisal?
A. Uses three basic approaches to value
B. Uses standardized validation models
C. Employs statistical testing
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D. None of the above - ANSWER ✓ Uses three basic approaches to value
, 4
>>>>The first step in the appraisal process is to?
A. Define the problem in terms of the properties and rights to be appraised,
the date of the appraisal, and the purpose of the appraisal.
B. Data collection
C. Preliminary data analysis
D. Highest and best use analysis - ANSWER ✓ Define the problem in terms of
the properties and rights to be appraised, the date of the appraisal, and the
purpose of the appraisal.
>>>>Identifying supply and demand factors that best explain values in a specific
market, and expressing them in an equation is called:
A. Model specification
B. Model calibration
C. Data analysis
D. Delineation - ANSWER ✓ Model specification
>>>>The process of determining base rates, depreciation schedules, model
coefficients, and the like is known as:
IAAO 311 ACTUAL EXAM STUDY GUIDE WITH
QUESTIONS AND ANSWERS
>>>>Which of the following is most likely to increase the current demand for
owner-occupied residential property?
A. Expected increase in future home prices.
B. New construction that results in an increased supply of available homes.
C. A decrease in apartment rents.
D. A general tax increase. - ANSWER ✓ Expected increase in future home prices
>>>>According to modern price theory, value is a function of:
A. Supply and demand
B. Embedding labor and profit
C. Utility-the ability to satisfy consumer needs and preferences
D. Cost of construction or acquisition - ANSWER ✓ Supply and demand
>>>>Assume that goods A &B are substitute commodities. If the price of A rises,
the price of B can be expected to:
,2
A. Remain unchanged
B. Increase
C. Decrease
D. Insufficient information - ANSWER ✓ Increase
>>>>If supply increases while demand remains unchanged, price will most likely:
A. Remain unchanged
B. Increase
C. Decrease
D. Insufficient information - ANSWER ✓ Decrease
>>>>Which of follow is a requirement of both single-property and mass appraisal?
A. Uses three basic approaches to value
B. Uses standardized validation models
C. Employs statistical testing
,3
D. None of the above - ANSWER ✓ Uses three basic approaches to value
, 4
>>>>The first step in the appraisal process is to?
A. Define the problem in terms of the properties and rights to be appraised,
the date of the appraisal, and the purpose of the appraisal.
B. Data collection
C. Preliminary data analysis
D. Highest and best use analysis - ANSWER ✓ Define the problem in terms of
the properties and rights to be appraised, the date of the appraisal, and the
purpose of the appraisal.
>>>>Identifying supply and demand factors that best explain values in a specific
market, and expressing them in an equation is called:
A. Model specification
B. Model calibration
C. Data analysis
D. Delineation - ANSWER ✓ Model specification
>>>>The process of determining base rates, depreciation schedules, model
coefficients, and the like is known as:
