IAAO 311 Review Questions and Answers 100% Pass

IAAO 3 11 Review Questions and Answers 100% Pass What is a requirement of both single -property and mass appraisal? ✔✔Uses three basic approaches to value What is the first step in the mass appraisal process? ✔✔definition of the problem List the three types of data that must be collected in analyzing the market. ✔✔General data Specific data Comparative data Identifying supply and demand factors that best e xplain values in a specific market, and expressing them in an equation is called ______________________________________. ✔✔model specification Developing adjustment weights or coefficients from measurable supply and demand factors that include quantitativ e factors describing the improvements and qualitative judgments affecting land and/or improvement value is called ____________________________________. ✔✔model calibration List the five determinants of demand: ✔✔Price Price of related commodities Consumer tastes and preference Consumer's income Consumer expectations List the three determinants of supply: ✔✔Price Availability and cost of related goods Technology A ____________ helps evaluate what data to collect and the best way to collect it. ✔✔pilot study IAAO standards recommend routine property inspections at least every ________ years. ✔✔six List four methods of obtaining income and expense data: ✔✔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. ✔✔continuous (quantitative) discrete (qualitative) __________ data is qualitative items that have only two possibilities, yes or no. ✔✔Binary Converting a discrete variable to relative values or numerical ratings is termed a ___________ transformation. ✔✔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________. ✔✔0.741 0.692 The natural log for a lot with a depth of 150 feet would be _____________. The factor relative to a base lot of 100 feet would be _________. ✔✔5.011