IAAO 300 Test Questions With Precise
Answers
supply, demand CORRECT ANSWERS Real estate prices are a function of supply and
demand operating simultaneously within a market. The _________ factors relate to
availability, _________ factors include such things as condition, size and location
defining the valuation problem CORRECT ANSWERS An appraiser establishes the
date of value opinion, defines the value to be developed, and identifies the property
rights to be appraised, this is part of ___________
statistical testing CORRECT ANSWERS The definition of mass appraisal is the
systematic appraisal of groups of properties, as of a given date, using standardized
procedures and ________
supply CORRECT ANSWERS Building costs, economic conditions and interest rates
are __________ factors
demand CORRECT ANSWERS Location, condition, and construction quality are
_______ factors
MVs = Sc + ADJc CORRECT ANSWERS The basic structure of a model for the sales
comparison approach is ________
Model specification CORRECT ANSWERS __________ involves the determination of
what data to include the model and in what format
Model calibration CORRECT ANSWERS Determining the rates used in a mode, such
as adjusting formulas, tables or schedules to the current market is known as
___________
cost CORRECT ANSWERS MV=LV+BV is the basic model structure for the ____
approach
income approach CORRECT ANSWERS Net operating income and capitalization rates
are requirements for the _____ approach
market value CORRECT ANSWERS Property valuation models seek to explain or
predict the _________
MV=GQx[(PsubL x LSIZE) + (PsubL x BSIZE)] + OA CORRECT ANSWERS The hybrid
cost model would be ________
, Scope of work CORRECT ANSWERS The _________ is acceptable when it meets or
exceeds the expectations of parties who are regularly intended users for similar
assignments and what an appraiser's peer's actions would be in performing the same or
similar assignment.
7 CORRECT ANSWERS How many steps are in the general appraisal process?
a. Identify the problem to be solved
b. Determine and perform the scope of work necessary to develop credible assignment
results
c. Disclose the scope of work in the report CORRECT ANSWERS The scope of work
rule three parts and they are:
assessment system, appeal system, and collection system CORRECT ANSWERS The
three components of a Property Tax System are the
Online data entry CORRECT ANSWERS _________ systems update master files
directly from computer workstations and edits are built into data entry software
ratio study CORRECT ANSWERS A ___________ should be conducted to measure
and evaluate the accuracy and uniformity of new values
collection CORRECT ANSWERS The receipt of payments and distribution of funds is
part of the _________ system
a. Data collection and maintenance
b. Exploratory data analysis
c. Model development
d. Model application, review, and reconciliation CORRECT ANSWERS The four
components of the mass appraisal system are:
resources CORRECT ANSWERS Analysis of available _________ such as personnel,
maps and databases are critical before conducting a reappraisal
market data CORRECT ANSWERS Sales data, cost data, and income data are
components of the _______ portion of data collection & maintenance
reappraisal CORRECT ANSWERS Many times, a _________ decision must be made
because of statutes or administrative rules
edited, tested CORRECT ANSWERS Property characteristics data should be
thoroughly ______ and _____ to ensure quality control
appeal CORRECT ANSWERS Property owners may dispute their value, and this is part
of the appeal system
Answers
supply, demand CORRECT ANSWERS Real estate prices are a function of supply and
demand operating simultaneously within a market. The _________ factors relate to
availability, _________ factors include such things as condition, size and location
defining the valuation problem CORRECT ANSWERS An appraiser establishes the
date of value opinion, defines the value to be developed, and identifies the property
rights to be appraised, this is part of ___________
statistical testing CORRECT ANSWERS The definition of mass appraisal is the
systematic appraisal of groups of properties, as of a given date, using standardized
procedures and ________
supply CORRECT ANSWERS Building costs, economic conditions and interest rates
are __________ factors
demand CORRECT ANSWERS Location, condition, and construction quality are
_______ factors
MVs = Sc + ADJc CORRECT ANSWERS The basic structure of a model for the sales
comparison approach is ________
Model specification CORRECT ANSWERS __________ involves the determination of
what data to include the model and in what format
Model calibration CORRECT ANSWERS Determining the rates used in a mode, such
as adjusting formulas, tables or schedules to the current market is known as
___________
cost CORRECT ANSWERS MV=LV+BV is the basic model structure for the ____
approach
income approach CORRECT ANSWERS Net operating income and capitalization rates
are requirements for the _____ approach
market value CORRECT ANSWERS Property valuation models seek to explain or
predict the _________
MV=GQx[(PsubL x LSIZE) + (PsubL x BSIZE)] + OA CORRECT ANSWERS The hybrid
cost model would be ________
, Scope of work CORRECT ANSWERS The _________ is acceptable when it meets or
exceeds the expectations of parties who are regularly intended users for similar
assignments and what an appraiser's peer's actions would be in performing the same or
similar assignment.
7 CORRECT ANSWERS How many steps are in the general appraisal process?
a. Identify the problem to be solved
b. Determine and perform the scope of work necessary to develop credible assignment
results
c. Disclose the scope of work in the report CORRECT ANSWERS The scope of work
rule three parts and they are:
assessment system, appeal system, and collection system CORRECT ANSWERS The
three components of a Property Tax System are the
Online data entry CORRECT ANSWERS _________ systems update master files
directly from computer workstations and edits are built into data entry software
ratio study CORRECT ANSWERS A ___________ should be conducted to measure
and evaluate the accuracy and uniformity of new values
collection CORRECT ANSWERS The receipt of payments and distribution of funds is
part of the _________ system
a. Data collection and maintenance
b. Exploratory data analysis
c. Model development
d. Model application, review, and reconciliation CORRECT ANSWERS The four
components of the mass appraisal system are:
resources CORRECT ANSWERS Analysis of available _________ such as personnel,
maps and databases are critical before conducting a reappraisal
market data CORRECT ANSWERS Sales data, cost data, and income data are
components of the _______ portion of data collection & maintenance
reappraisal CORRECT ANSWERS Many times, a _________ decision must be made
because of statutes or administrative rules
edited, tested CORRECT ANSWERS Property characteristics data should be
thoroughly ______ and _____ to ensure quality control
appeal CORRECT ANSWERS Property owners may dispute their value, and this is part
of the appeal system
