IAAO 300 Exam Questions and Correct Answers Latest Update 2024 Already Passed

IAAO 300 Exam Questions and Correct Answers Latest Update 2024 Already Passed Supply Factors - Answers Building costs economic conditions interest rates Demand Factord - Answers location condition construction quality The definition of mass appraisal - Answers The systematic appraisal of groups of properties, as of a given date, using standardized procedures and statistical testing. Basic model for sales comparison approach - Answers MV=Sc+ADJc Model Specification - Answers The determination of what data to include and in what format Model calibration - Answers Determining the rates used in a model such as adjusting tables or schedules to the current market Basic model for cost approach - Answers MV=LV+BV hybrid (additive/multiplicative) cost model - Answers MV=GQ*((Pl*LSIZE)+(Pb*BSIZE)) 7 - Answers There are how many steps in the general appraisal process? When it meets the expectations of parties who are regularly intended users of similar assignments. - Answers When is the scope of work acceptable? Define the valuation problem - Answers appraiser establishes the date of value opinion, defines the value, and identifies the property rights to be appraised. 1. identify the problem to be solved 2. Determine and perform the scope of work necessary to develop a credible assignment 3. disclose the scope of work in the report - Answers 3 parts of the scope of work rule Assessment System Appeal System Collection System - Answers The three components of a property tax system Online systems - Answers What type of system updates master files directly from computer work stations and edits are built into data entry software? To measure and evaluate the accuracy and uniformity of new values. - Answers What is the purpose of a ratio study? Collection System - Answers What component of a property tax system handles the receipt of payments and distribution of funds? 1. Data collection and maintenance 2. exploratory data analysis 3. Model development 4. Model application, review, and reconciliation - Answers The four components of the mass appraisal system resources - Answers Personnel, maps and data base are examples of what? Data collection and maintenance - Answers sales data and income data are components of the market data portion of what component? Statutes or administrative rules - Answers Many times a reappraisal decision must be made because of what? edit and test - Answers What must be done to data collection to ensure quality control? Appeal System - Answers under what component of the property tax system may property owners dispute their values? Field Ratio Pilot - Answers Three methods of studies to evaluate data accuracy Discrete data - Answers Qualitative items that have three or more predefined values. Data inventory manual - Answers Explains how to collect and code data thus ensuring greater uniformity. Consistency (logic) edit - Answers Makes sure that a number of bedrooms does not exceed total room count or the square footage of a basement is not greater than the square footage of the finished area. Subjective Data - Answers Data items where value is a matter of judgement such as construction, class, condition, etc.