IAAO 300 COMPLETE COURSE REVIEW LATEST 20232024 EXAM 140
QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fwi3v6
1. The definition of mass appraisal is Statistical Testing
the systematic appraisal of groups
of properties, as of a given date,
using standardized procedures and
_____________________.
2. Building costs, economic con- Supply
ditions and interest rates are
_______________ factors.
3. Location, condition, and construction Demand
quality are ___________ factors.
4. The basic structure of a model for MV = Sc + ADJc
the sales comparison approach is
_________________________.
5. ________________________ involves Model Specification
the determination of what data to in-
clude in the model and in what format.
6. Determining the rates used in a mod- Model Calibration
el, such as adjusting tables or sched-
ules to the current market is known as
___________________.
7. MV = LV + BV is the basic model struc- Cost
ture for the ____________ approach.
8. Net operating incomes and capitaliza- Income Approach
tion rates are requirements for the
______________ _________________
model.
9. Property valuation models Market Value
seek to explain or pre-
dict the _________________
, IAAO 300 COMPLETE COURSE REVIEW LATEST 20232024 EXAM 140
QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fwi3v6
_____________________ of properties
from real estate sales and related data.
10. The hybrid (additive/multiplicative) MV = GQ * ((PL * LSIZE) + (PB *
cost model would be BSIZE))
__________________________________.
11. The _________________ is acceptable Scope of Work
when it meets the expectation of par-
ties who are regularly intended users
of similar assignments and what an ap-
praisers peers actions in performing a
similar assignments.
12. How many steps are in the general ap- 7
praisal process?
13. An appraiser establishes the date Define the Valuation Problem
of value opinion, defines the val-
ue, and identifies the property rights
to be appraised, this is part of the
______________________________.
14. The scope of work rule has three parts 1) Identify the problem to be
and they are _______. solved. 2) Determine and perform
the scope of work necessary to
develop a credible assignment. 3)
Disclose the scope of work in the
report.
15. The three components of a Assessment System, Appeal Sys-
Property Tax System are the tem, and Collection System
___________, ____________________,
and __________________________.
16. ____________________ systems up- Online
date master files directly from comput-
, IAAO 300 COMPLETE COURSE REVIEW LATEST 20232024 EXAM 140
QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fwi3v6
er work stations and edits are built into
data entry software.
17. A __________________ should be con- Ratio Study
ducted to measure and evaluate the
accuracy and uniformity of new values.
18. The receipt of payments and dis- Collection
tribution of funds is part of the
__________________________ Sys-
tem.
19. The four components of the mass ap- 1) Data collection and mainte-
praisal system are __________. nance 2) Exploratory data analy-
sis 3) Model development 4) Mod-
el application, review and recon-
ciliation
20. Analysis of available ______________ Resources
such as personnel, maps and data
base are critical before conducting a
reappraisal.
21. Sales data, cost data, and in- Market Data
come data are components of the
______________________ portion of
Data Collection & Maintenance.
22. Many times a Reappraisal
______________________ decision
must be made because of statutes or
administrative rules.
23. Data collection must Edited and Tested
be _________________ and
_________________ to ensure quality
control.
QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fwi3v6
1. The definition of mass appraisal is Statistical Testing
the systematic appraisal of groups
of properties, as of a given date,
using standardized procedures and
_____________________.
2. Building costs, economic con- Supply
ditions and interest rates are
_______________ factors.
3. Location, condition, and construction Demand
quality are ___________ factors.
4. The basic structure of a model for MV = Sc + ADJc
the sales comparison approach is
_________________________.
5. ________________________ involves Model Specification
the determination of what data to in-
clude in the model and in what format.
6. Determining the rates used in a mod- Model Calibration
el, such as adjusting tables or sched-
ules to the current market is known as
___________________.
7. MV = LV + BV is the basic model struc- Cost
ture for the ____________ approach.
8. Net operating incomes and capitaliza- Income Approach
tion rates are requirements for the
______________ _________________
model.
9. Property valuation models Market Value
seek to explain or pre-
dict the _________________
, IAAO 300 COMPLETE COURSE REVIEW LATEST 20232024 EXAM 140
QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fwi3v6
_____________________ of properties
from real estate sales and related data.
10. The hybrid (additive/multiplicative) MV = GQ * ((PL * LSIZE) + (PB *
cost model would be BSIZE))
__________________________________.
11. The _________________ is acceptable Scope of Work
when it meets the expectation of par-
ties who are regularly intended users
of similar assignments and what an ap-
praisers peers actions in performing a
similar assignments.
12. How many steps are in the general ap- 7
praisal process?
13. An appraiser establishes the date Define the Valuation Problem
of value opinion, defines the val-
ue, and identifies the property rights
to be appraised, this is part of the
______________________________.
14. The scope of work rule has three parts 1) Identify the problem to be
and they are _______. solved. 2) Determine and perform
the scope of work necessary to
develop a credible assignment. 3)
Disclose the scope of work in the
report.
15. The three components of a Assessment System, Appeal Sys-
Property Tax System are the tem, and Collection System
___________, ____________________,
and __________________________.
16. ____________________ systems up- Online
date master files directly from comput-
, IAAO 300 COMPLETE COURSE REVIEW LATEST 20232024 EXAM 140
QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fwi3v6
er work stations and edits are built into
data entry software.
17. A __________________ should be con- Ratio Study
ducted to measure and evaluate the
accuracy and uniformity of new values.
18. The receipt of payments and dis- Collection
tribution of funds is part of the
__________________________ Sys-
tem.
19. The four components of the mass ap- 1) Data collection and mainte-
praisal system are __________. nance 2) Exploratory data analy-
sis 3) Model development 4) Mod-
el application, review and recon-
ciliation
20. Analysis of available ______________ Resources
such as personnel, maps and data
base are critical before conducting a
reappraisal.
21. Sales data, cost data, and in- Market Data
come data are components of the
______________________ portion of
Data Collection & Maintenance.
22. Many times a Reappraisal
______________________ decision
must be made because of statutes or
administrative rules.
23. Data collection must Edited and Tested
be _________________ and
_________________ to ensure quality
control.
