IAAO331 Exam Questions and Verified Solutions Rated 100%

IAAO331 Exam Questions and Verified Solutions Rated 100% Mass appraisal - Answers the systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing objective of mass appraisal - Answers to appraise properties accurately, equitably, and efficiently in accordance with or exceeding local law and professional standards the two parts of building a mass appraisal model - Answers specification and calibration COD in newer, more homogeneous areas - Answers 5-10 COD in older, more heterogeneous areas - Answers 5-15 3 types of mass appraisal model types - Answers additive, multiplicative, & hybrid the most flexible type of appraisal model - Answers hybrid annual re-evaluations - Answers provide optimal accuracy and uniformity and advocated by IAAO measurements should be accurate within - Answers 5% objective categorical data should be - Answers accurate at least 95% of the time subjective categorical data should be - Answers accurate at least 90% of the time step 1 in Mass appraisal - Answers planning and preparations step 2 in Mass appraisal - Answers data collection and maintenance step 3 in Mass appraisal - Answers market analysis and valuation step 4 in Mass appraisal - Answers communication of values to taxpayers step 5 of mass appraisal - Answers inquiries and value defense definition of a market - Answers the interaction of buyers and sellers for a good or commodity Markets are in - Answers Constant Flux Equilibrium market - Answers when demand equals supply Real estate markets can be volatile - Answers Because there is a fixed/limited supply A rise in interest rates - Answers will curtail demand for housing, potentially leading to falling prices determinants of supply - Answers prices, development and construction costs, future expectations, existing inventory, gvt regulations Determinants of Demand - Answers prices, prices of competing and complementary goods and services, economy, tastes and preferences, future expectations Important market data items - Answers sales price, sale date, motivation of buyer/seller, personal property included, financing method, relation between buyer/seller Sales must be adequately screened and adjusted for - Answers any significant non-real estate components Sources of Sales data - Answers real property transfer documents; buyers/sellers, 3rd party sources(MLS, etc) Foerclosure-related sales - Answers traditionally regarded as unusable, but sales by financial institutions should be considered potentially valid if comprise more than 20% of sales in market personal property included in sales - Answers should be adjusted for if contributes significantly to price paid Cost data is particularly important for - Answers special purpose properties Quantitative data - Answers involves counts and measurements Qualitative data - Answers usually categorical( CDU, grade, etc) Objective data - Answers requires little to no judgement Subjective data - Answers requires judgement Binary data - Answers either true or false Sales ratios - Answers a method to evaluate data adequacy Aerial imagery and GIS - Answers used to extract location features Importance of stratification - Answers people buy and sell properties for different reasons; property markets are heterogeneous Failure to stratify can result in: - Answers models that regress to the avg and over-value some properties and under-value others; poor uniformity; high complaints Common bases for stratification: - Answers Property type and Geographic data The cost approach emphasizes - Answers structural stratification neighborhood guidelines - Answers similar land values and similar features response surface analysis - Answers a method of estimating land values in the absence of sales