IAAO 300 REAL EXAM QUESTIONS
AND ANSWERS ALL CORRECT
What type of analysis combines subdivisions into Market Areas? - Answer- Cluster
analysis
What is not a strength of Multiple Regression Analysis? - Answer- No separate land or
building value
What modeling process adjusts to information gained as sales are sequentially
considered and reconsidered? - Answer- Feedback or AEP
What is the main advantage of the automated sales algorithm? - Answer- User
determines variables to be considered
What are the main components of a Mass Appraisal system? - Answer- 1. Market Data
collection
2. Data analysis
3. Development of a model
4. Application of created model
What kind of variable takes on specific, predefined values such as "log, a-frame, split-
level, ranch?" - Answer- Discrete
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? - Answer- 50 days
Making sure the square footage of a basement is not greater than the square footage of
the finished area is what type of edit? - Answer- Consistency/Logic
A listing of data in order of magnitude (largest to smallest) is called an? - Answer- Array
What is the main difference between single property appraisal and mass appraisal? -
Answer- 1. Group vs Particular 2. Mass Appraisal emphasizes standardized and
statistical quality control features
In the Appraisal Process, "Define the valuation problem" does not include which of the
following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
, c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion - Answer- d. and f.
Supply and demand factors determine Real Estate values. Which are not supply
factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition - Answer- d.,e.,and f.
Hybrid or generic models are reflective of which approach to value? - Answer- Cost
Approach
What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) -
Answer- Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? - Answer- Ratio Report
A "Yes/No" indicates what type of variable? - Answer- Binary variable
USPAP Standard 6 covers which type of appraisal? - Answer- Mass Appraisal
The highest bar in a histogram represents what? - Answer- A Common level of
appraisal
A histogram that shows data distributed normally has what shape? - Answer- Bell-
Shape
Find the Standard Deviation using the following numbers. Round to the nearest Whole
Number.
20
22
28
34
38 - Answer- Standard Deviation = 7.67 or 8
Find the 25th Percentile given the following numbers:
1400
1460
1500
1580
1620
AND ANSWERS ALL CORRECT
What type of analysis combines subdivisions into Market Areas? - Answer- Cluster
analysis
What is not a strength of Multiple Regression Analysis? - Answer- No separate land or
building value
What modeling process adjusts to information gained as sales are sequentially
considered and reconsidered? - Answer- Feedback or AEP
What is the main advantage of the automated sales algorithm? - Answer- User
determines variables to be considered
What are the main components of a Mass Appraisal system? - Answer- 1. Market Data
collection
2. Data analysis
3. Development of a model
4. Application of created model
What kind of variable takes on specific, predefined values such as "log, a-frame, split-
level, ranch?" - Answer- Discrete
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? - Answer- 50 days
Making sure the square footage of a basement is not greater than the square footage of
the finished area is what type of edit? - Answer- Consistency/Logic
A listing of data in order of magnitude (largest to smallest) is called an? - Answer- Array
What is the main difference between single property appraisal and mass appraisal? -
Answer- 1. Group vs Particular 2. Mass Appraisal emphasizes standardized and
statistical quality control features
In the Appraisal Process, "Define the valuation problem" does not include which of the
following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
, c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion - Answer- d. and f.
Supply and demand factors determine Real Estate values. Which are not supply
factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition - Answer- d.,e.,and f.
Hybrid or generic models are reflective of which approach to value? - Answer- Cost
Approach
What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) -
Answer- Simple Hybrid (Generic) Cost Model
What should a reappraisal start and end with? - Answer- Ratio Report
A "Yes/No" indicates what type of variable? - Answer- Binary variable
USPAP Standard 6 covers which type of appraisal? - Answer- Mass Appraisal
The highest bar in a histogram represents what? - Answer- A Common level of
appraisal
A histogram that shows data distributed normally has what shape? - Answer- Bell-
Shape
Find the Standard Deviation using the following numbers. Round to the nearest Whole
Number.
20
22
28
34
38 - Answer- Standard Deviation = 7.67 or 8
Find the 25th Percentile given the following numbers:
1400
1460
1500
1580
1620
