IAAO 311 Exam Practice Questions
with Verified Answers (Expert
Graded A) | Latest Edition
1. Allowable expenses - ANSWER Operating expenses (fixed, variable, and
property)
Replacement reserves
2. Gross lease - ANSWER owner pays all expenses
3. Net lease - ANSWER tenant pays all operating expenses
4. Qualitative data - ANSWER discrete data, features or attributes of property
5. Quantitative data - ANSWER continuous data, can be counted or measured
6. Binary data - ANSWER qualitative items with two possible values
7. Objective data - ANSWER correct value can be verified
8. Subjective data - ANSWER proper value is a matter of judgement
9. 3 aspects of value acceptability? - ANSWER Accuracy, Explain ability,
Stability
,10.Two goodness of fit statistics used to evaluate accuracy when using multiple
regression are (blank) and (blank). - ANSWER R2 and SSE
11.Full calibration results in? - ANSWER Accuracy
12.Cyclical recalibration results in? - ANSWER maintains reasonable accuracy
while emphasizing stability
13.Partial recalibration results in - ANSWER maximizes stability and
sacrifices accuracy
14.Scalar variables - ANSWER convert a discrete variable to relative values or
ratings, center on 0 in additive models and 1 in multiplicative models
15.Natural Log Rule - ANSWER each time size doubles or is cut in half the
value increases by the same amount
16.4 market forces - ANSWER economic, social, government and
environmental
17.Net Operating Income - ANSWER income that is typically capitalized into
an indication of value in mass appraisal
18.Market (economic) areas - ANSWER broad geographic area subject to
similar economic influences and value trends, develop MRA models
19.Subareas or neighborhoods - ANSWER clusters of homes that share similar
location amenities, develop regression variables
, 20.Histogram - ANSWER bar charts of a frequency distribution
21.Pie Chart - ANSWER used to represent percentages of items in a class of
data
22.Cross-tabulations - ANSWER show the relationship between two
qualitative (discrete) variables
23.Scatter diagrams - ANSWER show the relationship between two continuous
variables (dependent and independent variable)
24.7 steps in Mass Appraisal Process - ANSWER 1. Define the valuation
problem
2. Determine the required scope of work
3. Make a preliminary analysis and plan
4. Select and collect data
5. Determine highest and best use
6. Apply appropriate valuation approaches
7. Reconcile value indicators and report opinions of values
25.Model Specification - ANSWER expresses those supply and demand
factors that best explain values in a specific market as an equation
26.Model Calibration - ANSWER the process of solving for unknown
quantities in a model
27.Model Calibration 2 Steps - ANSWER developing adjustment weights from
supply and demand factors and determining the model coefficients or
parameters
with Verified Answers (Expert
Graded A) | Latest Edition
1. Allowable expenses - ANSWER Operating expenses (fixed, variable, and
property)
Replacement reserves
2. Gross lease - ANSWER owner pays all expenses
3. Net lease - ANSWER tenant pays all operating expenses
4. Qualitative data - ANSWER discrete data, features or attributes of property
5. Quantitative data - ANSWER continuous data, can be counted or measured
6. Binary data - ANSWER qualitative items with two possible values
7. Objective data - ANSWER correct value can be verified
8. Subjective data - ANSWER proper value is a matter of judgement
9. 3 aspects of value acceptability? - ANSWER Accuracy, Explain ability,
Stability
,10.Two goodness of fit statistics used to evaluate accuracy when using multiple
regression are (blank) and (blank). - ANSWER R2 and SSE
11.Full calibration results in? - ANSWER Accuracy
12.Cyclical recalibration results in? - ANSWER maintains reasonable accuracy
while emphasizing stability
13.Partial recalibration results in - ANSWER maximizes stability and
sacrifices accuracy
14.Scalar variables - ANSWER convert a discrete variable to relative values or
ratings, center on 0 in additive models and 1 in multiplicative models
15.Natural Log Rule - ANSWER each time size doubles or is cut in half the
value increases by the same amount
16.4 market forces - ANSWER economic, social, government and
environmental
17.Net Operating Income - ANSWER income that is typically capitalized into
an indication of value in mass appraisal
18.Market (economic) areas - ANSWER broad geographic area subject to
similar economic influences and value trends, develop MRA models
19.Subareas or neighborhoods - ANSWER clusters of homes that share similar
location amenities, develop regression variables
, 20.Histogram - ANSWER bar charts of a frequency distribution
21.Pie Chart - ANSWER used to represent percentages of items in a class of
data
22.Cross-tabulations - ANSWER show the relationship between two
qualitative (discrete) variables
23.Scatter diagrams - ANSWER show the relationship between two continuous
variables (dependent and independent variable)
24.7 steps in Mass Appraisal Process - ANSWER 1. Define the valuation
problem
2. Determine the required scope of work
3. Make a preliminary analysis and plan
4. Select and collect data
5. Determine highest and best use
6. Apply appropriate valuation approaches
7. Reconcile value indicators and report opinions of values
25.Model Specification - ANSWER expresses those supply and demand
factors that best explain values in a specific market as an equation
26.Model Calibration - ANSWER the process of solving for unknown
quantities in a model
27.Model Calibration 2 Steps - ANSWER developing adjustment weights from
supply and demand factors and determining the model coefficients or
parameters
