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IAAO Course 102 – Income Approach to Valuation.pdf

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IAAO Course 102 – Income Approach to V

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IAAO Course 102 – Income Approach to Valuation

Complete Practice Test Bank 2026/2027 Edition



EXAM OVERVIEW



| Parameter | Details |

||-|

| Course | IAAO Course 102 – Income Approach to
Valuation |

| Duration | 30 hours of instruction |

| Exam Length | 3 hours |

| Passing Score | 77% typically required |




1

,| Core Topics | Income Capitalization, Lease
Analysis, Direct & Yield Capitalization, Rate
Development |



The exam consists of multiple-choice, short answer,
and calculation problems covering the procedures
and techniques required to estimate the market value
of vacant or improved properties by the income
approach .




SECTION 1: FOUNDATIONAL PRINCIPLES &
BASIC CONCEPTS



2

,Question 1

What is the basic equation used in the income
approach to value?



A) Value = Rate × Income

B) Income = Value × Rate

C) Income ÷ Rate = Value

D) Rate = Income × Value



Answer: C) Income ÷ Rate = Value




3

, Rationale: The foundational equation of the income
approach is Income divided by Rate equals Value (I
÷ R = V) . This relationship forms the basis of the
IRV formula used throughout the course. A prudent
buyer pays no more than the present worth of future
benefits .




Question 2

The two generic formulas used in direct
capitalization are:




4

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