IAAO 300: Complete Course Review Questions with Verified Answers
What is the main difference between single
property appraisal and mass appraisal? -
ANSWER -1. Group vs Particular 2. Mass
Appraisal emphasizes standardized and A "Yes/No" indicates what type of variable? -
statistical quality control features ANSWER -Binary variable
In the Appraisal Process, "Define the valuation USPAP Standard 6 covers which type of
problem" does not include which of the following: appraisal? - ANSWER -Mass Appraisal
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties What are the main components of a Mass
e. Identify intended use and users of appraisal Appraisal system? - ANSWER -1. Market
f. Develop highest and best use opinion - Data collection
ANSWER -d. and f. 2. Data analysis
3. Development of a model
4. Application of created model
Supply and demand factors determine Real
Estate values. Which are not supply factors?
a. Building costs What kind of variable takes on specific,
b. Interest Rates predefined values such as "log, a-frame, split-
c. Economic Conditions level, ranch?" - ANSWER -Discrete
d. Location
e. Construction Quality
f. Condition - ANSWER -d.,e.,and f.
If you need to work 6,000 parcels using 6
appraisers that can work 20 parcels/day. How
many days are needed to complete the project? -
Hybrid or generic models are reflective of which ANSWER -50 days
approach to value? - ANSWER -Cost
Approach
Making sure the square footage of a basement is
not greater than the square footage of the
What type of model is the following formula? finished area is what type of edit? -
MV=GQ x ((PL x SIZE)+(PB x SIZE)) - ANSWER -Consistency/Logic
ANSWER -Simple Hybrid (Generic) Cost
Model
A listing of data in order of magnitude (largest to
smallest) is called an? - ANSWER -Array
What should a reappraisal start and end with? -
ANSWER -Ratio Report
1/4
What is the main difference between single
property appraisal and mass appraisal? -
ANSWER -1. Group vs Particular 2. Mass
Appraisal emphasizes standardized and A "Yes/No" indicates what type of variable? -
statistical quality control features ANSWER -Binary variable
In the Appraisal Process, "Define the valuation USPAP Standard 6 covers which type of
problem" does not include which of the following: appraisal? - ANSWER -Mass Appraisal
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties What are the main components of a Mass
e. Identify intended use and users of appraisal Appraisal system? - ANSWER -1. Market
f. Develop highest and best use opinion - Data collection
ANSWER -d. and f. 2. Data analysis
3. Development of a model
4. Application of created model
Supply and demand factors determine Real
Estate values. Which are not supply factors?
a. Building costs What kind of variable takes on specific,
b. Interest Rates predefined values such as "log, a-frame, split-
c. Economic Conditions level, ranch?" - ANSWER -Discrete
d. Location
e. Construction Quality
f. Condition - ANSWER -d.,e.,and f.
If you need to work 6,000 parcels using 6
appraisers that can work 20 parcels/day. How
many days are needed to complete the project? -
Hybrid or generic models are reflective of which ANSWER -50 days
approach to value? - ANSWER -Cost
Approach
Making sure the square footage of a basement is
not greater than the square footage of the
What type of model is the following formula? finished area is what type of edit? -
MV=GQ x ((PL x SIZE)+(PB x SIZE)) - ANSWER -Consistency/Logic
ANSWER -Simple Hybrid (Generic) Cost
Model
A listing of data in order of magnitude (largest to
smallest) is called an? - ANSWER -Array
What should a reappraisal start and end with? -
ANSWER -Ratio Report
1/4
