IAAO TEST VERSION 1 EXAM 2025/2026 WITH
ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS
|FREQUENTLY TESTED QUESTIONS AND
SOLUTIONS|ALREADY GRADED
A+|NEWEST|BRAND NEW VERSION!!|LATEST
UPDATE
The principle that states that market value of a property tends to be set by the cost of acquiring
an equally desirable and valuable substitute property is______________.
substitution
A parcel identifier links ownership records, tax maps, and assessment records. Thus, the
identifier must be
A. unique
B. permanent
C. simple
D. All of the above
Stratification is the first step in analyzing land sale, and the primary sort is by _______________.
market area
The principle illustrating that market value is determined by such factors as zoning, rent
controls, interest rates, and so on is
change
The appropriate map scale for urban area is:
1|Page
, 1" - 100'
A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre?
$600,000
The ________ unit would be appropriate unit when pedestrian access is an important
consideration.
front foot
When adjustments are being made to comparable sales, using percentage adjustments in the
direct sales comparison approach, the sequence of adjustments the appraiser must follow is
financing, market conditions, location, physical characteristics
The land valuation method that replicates the actions of subdividers or developers is known as
the
anticipated use or development method
The cost of producing a building or structure having the same utility but using modern
materials, design, and workmanship is called __________________.
replacement cost
When a cost manual is being used, which one of the following components is not included in
the inventory of physical characteristics for the building?
heating and cooling
porches
current condition
location
The underlying principle in the adjustment process in the sales comparison approach is the
Principle of ___________.
Contribution
You are analyzing resales to determine a time adjustment. You have found a sale that sold 18
months ago for $200,000 and sold again 8 months ago for $220,000. Based on this sale, the
monthly adjustment for time would be
1%
Which approach to value is premised on the Principle of Substitution?
2|Page
ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS
|FREQUENTLY TESTED QUESTIONS AND
SOLUTIONS|ALREADY GRADED
A+|NEWEST|BRAND NEW VERSION!!|LATEST
UPDATE
The principle that states that market value of a property tends to be set by the cost of acquiring
an equally desirable and valuable substitute property is______________.
substitution
A parcel identifier links ownership records, tax maps, and assessment records. Thus, the
identifier must be
A. unique
B. permanent
C. simple
D. All of the above
Stratification is the first step in analyzing land sale, and the primary sort is by _______________.
market area
The principle illustrating that market value is determined by such factors as zoning, rent
controls, interest rates, and so on is
change
The appropriate map scale for urban area is:
1|Page
, 1" - 100'
A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre?
$600,000
The ________ unit would be appropriate unit when pedestrian access is an important
consideration.
front foot
When adjustments are being made to comparable sales, using percentage adjustments in the
direct sales comparison approach, the sequence of adjustments the appraiser must follow is
financing, market conditions, location, physical characteristics
The land valuation method that replicates the actions of subdividers or developers is known as
the
anticipated use or development method
The cost of producing a building or structure having the same utility but using modern
materials, design, and workmanship is called __________________.
replacement cost
When a cost manual is being used, which one of the following components is not included in
the inventory of physical characteristics for the building?
heating and cooling
porches
current condition
location
The underlying principle in the adjustment process in the sales comparison approach is the
Principle of ___________.
Contribution
You are analyzing resales to determine a time adjustment. You have found a sale that sold 18
months ago for $200,000 and sold again 8 months ago for $220,000. Based on this sale, the
monthly adjustment for time would be
1%
Which approach to value is premised on the Principle of Substitution?
2|Page
