IAAO Course 300 fully solved
& verified for
accuracy(guaranteed pass)
Mass appraisal - answer Systematic appraisal of groups of
properties as of a given date using standardized procedures and
statistical testing.
Purpose of mass appraisal - answer Equitable and efficient appraisal
of all property in a jurisdiction for ad valorem tax purposes.
When did first generation computers emerge? - answer The 1950s
Mass appraisal models may be: - answer Physical, conceptual or
mathematical.
Property valuation models seek to explain or predict what? - answer
The market value of properties from real estate data.
Supply factors: - answer Building costs, interest rates and economic
conditions.
Demand factors: - answer Location, condition and construction
quality
Cost approach models require estimates of: - answer Land values, is
if vacant; reproduction or replacement cost new of all improvements
and all accrued depreciation.
, Sales comparison approach models require: - answer A verified sales
database and contributory value components.
Income approach models require: - answer Net operating incomes
and capitalization rates for similar use properties.
Basic steps in model building: - answer Specification and calibration.
Model specification - answer Defining the form of the model.
Model calibration - answer Determining the rates used in the model.
Model structures: - answer Additive, multiplicative or hybrid
(generic).
Components of a mass appraisal system: - answer Data
management system, sales analysis system, valuation system and
administrative system.
Data management system: - answer Collection, entry and editing,
conversion, storage and security.
Sales analysis system: - answer Data collection, screening and
processing, sales ratio studies and sales reports.
Valuation system: - answer Sales comparison approach, cost
approach, income approach, review and reconciliation.
Administrative system: - answer Budgeting, scheduling, planning,
inquiry, analysis, reporting, assessment roll / notices, forms,
wordprocessing and record cards.
& verified for
accuracy(guaranteed pass)
Mass appraisal - answer Systematic appraisal of groups of
properties as of a given date using standardized procedures and
statistical testing.
Purpose of mass appraisal - answer Equitable and efficient appraisal
of all property in a jurisdiction for ad valorem tax purposes.
When did first generation computers emerge? - answer The 1950s
Mass appraisal models may be: - answer Physical, conceptual or
mathematical.
Property valuation models seek to explain or predict what? - answer
The market value of properties from real estate data.
Supply factors: - answer Building costs, interest rates and economic
conditions.
Demand factors: - answer Location, condition and construction
quality
Cost approach models require estimates of: - answer Land values, is
if vacant; reproduction or replacement cost new of all improvements
and all accrued depreciation.
, Sales comparison approach models require: - answer A verified sales
database and contributory value components.
Income approach models require: - answer Net operating incomes
and capitalization rates for similar use properties.
Basic steps in model building: - answer Specification and calibration.
Model specification - answer Defining the form of the model.
Model calibration - answer Determining the rates used in the model.
Model structures: - answer Additive, multiplicative or hybrid
(generic).
Components of a mass appraisal system: - answer Data
management system, sales analysis system, valuation system and
administrative system.
Data management system: - answer Collection, entry and editing,
conversion, storage and security.
Sales analysis system: - answer Data collection, screening and
processing, sales ratio studies and sales reports.
Valuation system: - answer Sales comparison approach, cost
approach, income approach, review and reconciliation.
Administrative system: - answer Budgeting, scheduling, planning,
inquiry, analysis, reporting, assessment roll / notices, forms,
wordprocessing and record cards.
