IAAO Course 300 2023 Exam Questions with All Complete Solutions

IAAO Course 300 2023 Exam Questions with All Complete Solutions Mass appraisal - ANSWER Systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing. Purpose of mass appraisal - ANSWER Equitable and efficient appraisal of all property in a jurisdiction for ad valorem tax purposes. When did first generation computers emerge? - ANSWER The 1950s Mass appraisal models may be: - ANSWER Physical, conceptual or mathematical. Property valuation models seek to explain or predict what? - ANSWER The market value of properties from real estate data. Supply factors: - ANSWER Building costs, interest rates and economic conditions. Demand factors: - ANSWER Location, condition and construction quality Cost approach models require estimates of: - ANSWER Land values, is if vacant; reproduction or replacement cost new of all improvements and all accrued depreciation. Sales comparison approach models require: - ANSWER A verified sales database and contributory value components. Income approach models require: - ANSWER Net operating incomes and capitalization rates for similar use properties. Basic steps in model building: - ANSWER Specification and calibration. Model specification - ANSWER Defining the form of the model. Model calibration - ANSWER Determining the rates used in the model. Model structures: - ANSWER Additive, multiplicative or hybrid (generic). Components of a mass appraisal system: - ANSWER Data management system, sales analysis system, valuation system and administrative system. Data management system: - ANSWER Collection, entry and editing, conversion, storage and security. Sales analysis system: - ANSWER Data collection, screening and processing, sales ratio studies and sales reports. Valuation system: - ANSWER Sales comparison approach, cost approach, income approach, review and reconciliation. Administrative system: - ANSWER Budgeting, scheduling, planning, inquiry, analysis, reporting, assessment roll / notices, forms, wordprocessing and record cards. Requirements of a mass appraisal system: - ANSWER Three primary files: (Parcel, property characteristics and sales file) and methods of updating files: (Batch data entry and online data entry) Batch data entry: - ANSWER Hold file Online data entry: - ANSWER Live file Steps in reappraisal: - ANSWER Performance analysis (ratio study) reappraisal decision, analysis of available resources, planning and organizing, system development procedures, data collection, system implementation, valuation, preparation of assessment roll and final performance analysis (ratio study).