IAAO 300 Exam Questions and Answers Already Passed Latest Update 2025
Statistical Testing - Answers The definition of mass appraisal is the systematic appraisal of groups of
properties, as of a given date, using standardized procedures and _____________________.
Supply - Answers Building costs, economic conditions and interest rates are _______________ factors.
Demand - Answers Location, condition, and construction quality are ___________ factors.
MV = Sc + ADJc - Answers The basic structure of a model for the sales comparison approach is
_________________________.
Model Specification - Answers ________________________ involves the determination of what data to
include in the model and in what format.
Model Calibration - Answers Determining the rates used in a model, such as adjusting tables or
schedules to the current market is known as ___________________.
Cost - Answers MV = LV + BV is the basic model structure for the ____________ approach.
Income Approach - Answers Net operating incomes and capitalization rates are requirements for the
______________ _________________ model.
Market Value - Answers Property valuation models seek to explain or predict the _________________
_____________________ of properties from real estate sales and related data.
MV = GQ * ((PL * LSIZE) + (PB * BSIZE)) - Answers The hybrid (additive/multiplicative) cost model would
be __________________________________.
Scope of Work - Answers The _________________ is acceptable when it meets the expectation of
parties who are regularly intended users of similar assignments and what an appraisers peers actions in
performing a similar assignments.
7 - Answers How many steps are in the general appraisal process?
Define the Valuation Problem - Answers An appraiser establishes the date of value opinion, defines the
value, and identifies the property rights to be appraised, this is part of the
______________________________.
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 The scope of work rule has
three parts and they are _______.
Assessment System, Appeal System, and Collection System - Answers The three components of a
Property Tax System are the ___________, ____________________, and
__________________________.
, Online - Answers ____________________ systems update master files directly from computer work
stations and edits are built into data entry software.
Ratio Study - Answers A __________________ should be conducted to measure and evaluate the
accuracy and uniformity of new values.
Collection - Answers The receipt of payments and distribution of funds is part of the
__________________________ System.
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 are
__________.
Resources - Answers Analysis of available ______________ such as personnel, maps and data base are
critical before conducting a reappraisal.
Market Data - Answers Sales data, cost data, and income data are components of the
______________________ portion of Data Collection & Maintenance.
Reappraisal - Answers Many times a ______________________ decision must be made because of
statutes or administrative rules.
Edited and Tested - Answers Data collection must be _________________ and _________________ to
ensure quality control.
Appeal - Answers Property owners may dispute their value and this is part of the ___________________
System.
Field, Ratio, Pilot - Answers Three methods of studies required to evaluate data adequacy are
___________, ___________, and _____________.
Quality - Answers ____________________ relates to how accurately recorded information, used to
estimate values reflects current status of the property.
Discrete - Answers Qualitative items that have three or more predefined values e.g. (topography, level,
rolling or steep) are known as ________________ data.
Data Inventory - Answers A _______________ manual should explain how to collect and code data thus
ensuring greater uniformity among appraisers.
Consistency - Answers A __________________ edit makes certain that the number of bedrooms does
not exceed the total room count or the square footage of the basement is not greater than the square
footage of the finished area.
Subjective - Answers _________________ data are items where the proper value is a matter of
judgment, such as construction, class, condition, etc.
Statistical Testing - Answers The definition of mass appraisal is the systematic appraisal of groups of
properties, as of a given date, using standardized procedures and _____________________.
Supply - Answers Building costs, economic conditions and interest rates are _______________ factors.
Demand - Answers Location, condition, and construction quality are ___________ factors.
MV = Sc + ADJc - Answers The basic structure of a model for the sales comparison approach is
_________________________.
Model Specification - Answers ________________________ involves the determination of what data to
include in the model and in what format.
Model Calibration - Answers Determining the rates used in a model, such as adjusting tables or
schedules to the current market is known as ___________________.
Cost - Answers MV = LV + BV is the basic model structure for the ____________ approach.
Income Approach - Answers Net operating incomes and capitalization rates are requirements for the
______________ _________________ model.
Market Value - Answers Property valuation models seek to explain or predict the _________________
_____________________ of properties from real estate sales and related data.
MV = GQ * ((PL * LSIZE) + (PB * BSIZE)) - Answers The hybrid (additive/multiplicative) cost model would
be __________________________________.
Scope of Work - Answers The _________________ is acceptable when it meets the expectation of
parties who are regularly intended users of similar assignments and what an appraisers peers actions in
performing a similar assignments.
7 - Answers How many steps are in the general appraisal process?
Define the Valuation Problem - Answers An appraiser establishes the date of value opinion, defines the
value, and identifies the property rights to be appraised, this is part of the
______________________________.
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 The scope of work rule has
three parts and they are _______.
Assessment System, Appeal System, and Collection System - Answers The three components of a
Property Tax System are the ___________, ____________________, and
__________________________.
, Online - Answers ____________________ systems update master files directly from computer work
stations and edits are built into data entry software.
Ratio Study - Answers A __________________ should be conducted to measure and evaluate the
accuracy and uniformity of new values.
Collection - Answers The receipt of payments and distribution of funds is part of the
__________________________ System.
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 are
__________.
Resources - Answers Analysis of available ______________ such as personnel, maps and data base are
critical before conducting a reappraisal.
Market Data - Answers Sales data, cost data, and income data are components of the
______________________ portion of Data Collection & Maintenance.
Reappraisal - Answers Many times a ______________________ decision must be made because of
statutes or administrative rules.
Edited and Tested - Answers Data collection must be _________________ and _________________ to
ensure quality control.
Appeal - Answers Property owners may dispute their value and this is part of the ___________________
System.
Field, Ratio, Pilot - Answers Three methods of studies required to evaluate data adequacy are
___________, ___________, and _____________.
Quality - Answers ____________________ relates to how accurately recorded information, used to
estimate values reflects current status of the property.
Discrete - Answers Qualitative items that have three or more predefined values e.g. (topography, level,
rolling or steep) are known as ________________ data.
Data Inventory - Answers A _______________ manual should explain how to collect and code data thus
ensuring greater uniformity among appraisers.
Consistency - Answers A __________________ edit makes certain that the number of bedrooms does
not exceed the total room count or the square footage of the basement is not greater than the square
footage of the finished area.
Subjective - Answers _________________ data are items where the proper value is a matter of
judgment, such as construction, class, condition, etc.
