IAAO 311 COMPREHENSIVE EXAM
QUESTIONS AND CORRECT ANSWERS
STUDY GUIDE
●● What is the first step in the mass appraisal process?
Answer: definition of the problem
●● List the three types of data that must be collected in analyzing the
market.
Answer: General data
Specific data
Comparative data
●● Identifying supply and demand factors that best explain values in a
specific market, and expressing them in an equation is called
______________________________________.
Answer: model specification
●● Developing adjustment weights or coefficients from measurable
supply and demand factors that include quantitative factors describing
the improvements and qualitative judgments affecting land and/or
improvement value is called
____________________________________.
,Answer: model calibration
●● List the five determinants of demand:
Answer: Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
●● List the three determinants of supply:
Answer: Price
Availability and cost of related goods
Technology
●● A ____________ helps evaluate what data to collect and the best
way to collect it.
Answer: pilot study
●● IAAO standards recommend routine property inspections at least
every ________ years.
Answer: six
●● List four methods of obtaining income and expense data:
, Answer: Mail questionnaires
Telephone
Personal contact
Industry and trade publications
●● The square foot area of a residence is considered ___________
_____________ data while the condition rating is considered _______
___________ data.
Answer: continuous (quantitative)
discrete (qualitative)
●● __________ data is qualitative items that have only two possibilities,
yes or no.
Answer: Binary
●● Converting a discrete variable to relative values or numerical ratings
is termed a ___________ transformation.
Answer: scalar
●● The result of a depreciation analysis show that the effect of age on
value is: % good=Age -.10. The percent good for 20 years of age would
be _________ while the percent good for 40 years of age would
be________.
Answer: 0.741
QUESTIONS AND CORRECT ANSWERS
STUDY GUIDE
●● What is the first step in the mass appraisal process?
Answer: definition of the problem
●● List the three types of data that must be collected in analyzing the
market.
Answer: General data
Specific data
Comparative data
●● Identifying supply and demand factors that best explain values in a
specific market, and expressing them in an equation is called
______________________________________.
Answer: model specification
●● Developing adjustment weights or coefficients from measurable
supply and demand factors that include quantitative factors describing
the improvements and qualitative judgments affecting land and/or
improvement value is called
____________________________________.
,Answer: model calibration
●● List the five determinants of demand:
Answer: Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
●● List the three determinants of supply:
Answer: Price
Availability and cost of related goods
Technology
●● A ____________ helps evaluate what data to collect and the best
way to collect it.
Answer: pilot study
●● IAAO standards recommend routine property inspections at least
every ________ years.
Answer: six
●● List four methods of obtaining income and expense data:
, Answer: Mail questionnaires
Telephone
Personal contact
Industry and trade publications
●● The square foot area of a residence is considered ___________
_____________ data while the condition rating is considered _______
___________ data.
Answer: continuous (quantitative)
discrete (qualitative)
●● __________ data is qualitative items that have only two possibilities,
yes or no.
Answer: Binary
●● Converting a discrete variable to relative values or numerical ratings
is termed a ___________ transformation.
Answer: scalar
●● The result of a depreciation analysis show that the effect of age on
value is: % good=Age -.10. The percent good for 20 years of age would
be _________ while the percent good for 40 years of age would
be________.
Answer: 0.741
