IAAO 300 PRACTICE EXAM QUESTIONS
WITH COMPLETE SOLUTIONS
Horizontal - Answer-Floors and roofing are examples of _____________________ cost
components.
Square Foot - Answer-When applying the comparative unit method, costs are
expressed on a per _____________________ basis.
Quantity Survey - Answer-Proper application of the ___________________ method
requires detailed knowledge of construction.
Entrepreneurial Profit - Answer-___________________ is the amount one expects to
receive for his or her contribution to a project that includes risk.
Geographic Stratification, Cluster Analysis, Global model with location adjustments -
Answer-The three approaches to stratification and location analysis in mass appraisal
are?
Per, Unit, Value - Answer-_______________________ analyses can be very effective
for homogeneous properties.
Multiple, Regression, Analysis - Answer-A statistical technique used for estimating
unknown data based on known and available data is ______________.
MVs = Sc + ADJc - Answer-The formula of the sales comparison model is
_____________.
Generic (Hybrid), Additive, Multiplicative - Answer-The three basic types of mass
appraisal model structures are?
Additive - Answer-MV = b0 + (b1 * X1) + (b2 * X2) + (b3 * X3) ... is known as the
__________________ model.
Boundaries - Physical - Answer-When geographically stratifying properties,
________________ should be drawn to correspond with ____________________ or
political boundaries.
Market - Answer-Broad geographic areas subject to the same economic influences are
known as _________________ areas.
Cluster - Analysis - Answer-A technique that can be used to group similar subdivisions
into neighborhoods is ____________________
, Generic - Answer-MV = Gq * (P1 * Q1) + (Pl * Ql) + OA is known as the
______________ model.
Adaptive - Estimation - Procedure - Answer-The trial and error process for quantifying
the relationship between dependent (sale price) and independent variables (property
characteristics) is the _________________________________.
Dispersion - Answer-In the development of per unit values, the most appropriate units
would have low measures of ______________________.
V = I /R - Answer-The formula of the net income model is _________________.
Stratify - Answer-When estimating gross income you must _________________
properties by class, etc., compute measure of central tendency and dispersion and
determine the typical per unit value.
Expense Ratios - Answer-Property taxes should not be included when estimating
Building Type, Location, Age/Condition - Answer-List three factors that should be
considered when stratifying properties or specifying models for the development of
GIMs and OAR's.
MV = GI * GIM - Answer-The formula of a gross income model is
_________________________.
Stratification - Modeling - Answer-Two basic methods of estimating gross income in
mass appraisal are __________________________ and ______________________.
Gross - Income - Unit - Answer-The dependent variable in gross income models should
be __________________ ______________________ per _______________.
Property Characteristics - Answer-Independent variables in gross income models
should be ______________________ ___________________________ important in
explaining differences in gross income.
Overall - Expense - Ratio - Answer-The dependent variable in expense ratio models
should be the ______________________________.
Central - Tendency - Dispersion - Answer-In the development of gross income
multipliers (GIM'S) the appraiser should first stratify the properties and then compute
measures of _________________ ____________ and _________________ for each
strata.
WITH COMPLETE SOLUTIONS
Horizontal - Answer-Floors and roofing are examples of _____________________ cost
components.
Square Foot - Answer-When applying the comparative unit method, costs are
expressed on a per _____________________ basis.
Quantity Survey - Answer-Proper application of the ___________________ method
requires detailed knowledge of construction.
Entrepreneurial Profit - Answer-___________________ is the amount one expects to
receive for his or her contribution to a project that includes risk.
Geographic Stratification, Cluster Analysis, Global model with location adjustments -
Answer-The three approaches to stratification and location analysis in mass appraisal
are?
Per, Unit, Value - Answer-_______________________ analyses can be very effective
for homogeneous properties.
Multiple, Regression, Analysis - Answer-A statistical technique used for estimating
unknown data based on known and available data is ______________.
MVs = Sc + ADJc - Answer-The formula of the sales comparison model is
_____________.
Generic (Hybrid), Additive, Multiplicative - Answer-The three basic types of mass
appraisal model structures are?
Additive - Answer-MV = b0 + (b1 * X1) + (b2 * X2) + (b3 * X3) ... is known as the
__________________ model.
Boundaries - Physical - Answer-When geographically stratifying properties,
________________ should be drawn to correspond with ____________________ or
political boundaries.
Market - Answer-Broad geographic areas subject to the same economic influences are
known as _________________ areas.
Cluster - Analysis - Answer-A technique that can be used to group similar subdivisions
into neighborhoods is ____________________
, Generic - Answer-MV = Gq * (P1 * Q1) + (Pl * Ql) + OA is known as the
______________ model.
Adaptive - Estimation - Procedure - Answer-The trial and error process for quantifying
the relationship between dependent (sale price) and independent variables (property
characteristics) is the _________________________________.
Dispersion - Answer-In the development of per unit values, the most appropriate units
would have low measures of ______________________.
V = I /R - Answer-The formula of the net income model is _________________.
Stratify - Answer-When estimating gross income you must _________________
properties by class, etc., compute measure of central tendency and dispersion and
determine the typical per unit value.
Expense Ratios - Answer-Property taxes should not be included when estimating
Building Type, Location, Age/Condition - Answer-List three factors that should be
considered when stratifying properties or specifying models for the development of
GIMs and OAR's.
MV = GI * GIM - Answer-The formula of a gross income model is
_________________________.
Stratification - Modeling - Answer-Two basic methods of estimating gross income in
mass appraisal are __________________________ and ______________________.
Gross - Income - Unit - Answer-The dependent variable in gross income models should
be __________________ ______________________ per _______________.
Property Characteristics - Answer-Independent variables in gross income models
should be ______________________ ___________________________ important in
explaining differences in gross income.
Overall - Expense - Ratio - Answer-The dependent variable in expense ratio models
should be the ______________________________.
Central - Tendency - Dispersion - Answer-In the development of gross income
multipliers (GIM'S) the appraiser should first stratify the properties and then compute
measures of _________________ ____________ and _________________ for each
strata.
