IAAO 300 ACTUAL FINAL PAPER 2025/2026 QUESTIONS
AND SOLUTIONS GRADED A+ TIP
✔✔Market Data - ✔✔Sales data, cost data, and income data are components of the
______________________ portion of Data Collection & Maintenance.
✔✔Reappraisal - ✔✔Many times a ______________________ decision must be made
because of statutes or administrative rules.
✔✔Edited and Tested - ✔✔Data collection must be _________________ and
_________________ to ensure quality control.
✔✔Appeal - ✔✔Property owners may dispute their value and this is part of the
___________________ System.
✔✔Field, Ratio, Pilot - ✔✔Three methods of studies required to evaluate data adequacy
are ___________, ___________, and _____________.
✔✔Quality - ✔✔____________________ relates to how accurately recorded
information, used to estimate values reflects current status of the property.
✔✔Discrete - ✔✔Qualitative items that have three or more predefined values e.g.
(topography, level, rolling or steep) are known as ________________ data.
✔✔Data Inventory - ✔✔A _______________ manual should explain how to collect and
code data thus ensuring greater uniformity among appraisers.
✔✔Consistency - ✔✔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 - ✔✔_________________ data are items where the proper value is a
matter of judgment, such as construction, class, condition, etc.
✔✔Quantity - ✔✔________________ relates to the completeness of the available data
or what must be collected to capture local market influences.
✔✔Classroom, Field - ✔✔Data collectors should have both ________________ and
_______________ training.
✔✔Array - ✔✔The listing of data in order of magnitude (either ascending or descending)
is termed a/an _______________.
, ✔✔Histogram - ✔✔The charting of a frequency distribution using a _______________
illustrates the extent to which sales ratios are in a normal (bell shaped) distribution.
✔✔Range, Quartiles, Percentiles, Standard Deviation, Coefficient of Variation - ✔✔List
five common measures of dispersion.
✔✔Cross-Tabulations - ✔✔____________________ show the distribution of values for
two binary or discrete variables.
✔✔Scatter Diagrams - ✔✔__________________ show the relationship between two
quantitative variables with the dependent variable placed on the vertical axis and the
independent variable placed on the horizontal axis.
✔✔Polygon - ✔✔A _____________________ can be used to show several variables
simultaneously, or the same variable for different strata.
✔✔Breakdowns - ✔✔_________________ compare statistics (usually measures of
central tendency) by strata, for example, average sale price by neighborhood.
✔✔Contingency Tables - ✔✔_____________________ show summary statistics for a
dependent variable by combinations of two independent variables, for example, average
sale price per square foot by construction grade and neighborhood.
✔✔Standard Deviation - ✔✔Interpretation of the __________________________ as a
measure of spread or dispersion depends on the data being "normally distributed"
(approximating a bell-shaped curve).
✔✔Coefficient of Variation - ✔✔The __________________________ expresses the
standard deviation as a percentage of the mean.
✔✔Outliers and Extremes - ✔✔Cases beyond the whiskers in box plots are
____________ and _______________________.
✔✔Q-1 Both single-property and Mass Appraisal - ✔✔________________ are
exercises in applied economic analysis and require the use of logical, systematic
methods for the collecting, analyzing and processing of data to produce supportive, well
documented value estimates.
✔✔Q-1 MV = LV + (RCN-D) - ✔✔A basic model structure for the cost approach would
be?
✔✔Q-1 Supply - Demand - ✔✔Real estate prices are a function of supply and demand
factors operating simultaneously within a market. The _____________ factors relate to
AND SOLUTIONS GRADED A+ TIP
✔✔Market Data - ✔✔Sales data, cost data, and income data are components of the
______________________ portion of Data Collection & Maintenance.
✔✔Reappraisal - ✔✔Many times a ______________________ decision must be made
because of statutes or administrative rules.
✔✔Edited and Tested - ✔✔Data collection must be _________________ and
_________________ to ensure quality control.
✔✔Appeal - ✔✔Property owners may dispute their value and this is part of the
___________________ System.
✔✔Field, Ratio, Pilot - ✔✔Three methods of studies required to evaluate data adequacy
are ___________, ___________, and _____________.
✔✔Quality - ✔✔____________________ relates to how accurately recorded
information, used to estimate values reflects current status of the property.
✔✔Discrete - ✔✔Qualitative items that have three or more predefined values e.g.
(topography, level, rolling or steep) are known as ________________ data.
✔✔Data Inventory - ✔✔A _______________ manual should explain how to collect and
code data thus ensuring greater uniformity among appraisers.
✔✔Consistency - ✔✔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 - ✔✔_________________ data are items where the proper value is a
matter of judgment, such as construction, class, condition, etc.
✔✔Quantity - ✔✔________________ relates to the completeness of the available data
or what must be collected to capture local market influences.
✔✔Classroom, Field - ✔✔Data collectors should have both ________________ and
_______________ training.
✔✔Array - ✔✔The listing of data in order of magnitude (either ascending or descending)
is termed a/an _______________.
, ✔✔Histogram - ✔✔The charting of a frequency distribution using a _______________
illustrates the extent to which sales ratios are in a normal (bell shaped) distribution.
✔✔Range, Quartiles, Percentiles, Standard Deviation, Coefficient of Variation - ✔✔List
five common measures of dispersion.
✔✔Cross-Tabulations - ✔✔____________________ show the distribution of values for
two binary or discrete variables.
✔✔Scatter Diagrams - ✔✔__________________ show the relationship between two
quantitative variables with the dependent variable placed on the vertical axis and the
independent variable placed on the horizontal axis.
✔✔Polygon - ✔✔A _____________________ can be used to show several variables
simultaneously, or the same variable for different strata.
✔✔Breakdowns - ✔✔_________________ compare statistics (usually measures of
central tendency) by strata, for example, average sale price by neighborhood.
✔✔Contingency Tables - ✔✔_____________________ show summary statistics for a
dependent variable by combinations of two independent variables, for example, average
sale price per square foot by construction grade and neighborhood.
✔✔Standard Deviation - ✔✔Interpretation of the __________________________ as a
measure of spread or dispersion depends on the data being "normally distributed"
(approximating a bell-shaped curve).
✔✔Coefficient of Variation - ✔✔The __________________________ expresses the
standard deviation as a percentage of the mean.
✔✔Outliers and Extremes - ✔✔Cases beyond the whiskers in box plots are
____________ and _______________________.
✔✔Q-1 Both single-property and Mass Appraisal - ✔✔________________ are
exercises in applied economic analysis and require the use of logical, systematic
methods for the collecting, analyzing and processing of data to produce supportive, well
documented value estimates.
✔✔Q-1 MV = LV + (RCN-D) - ✔✔A basic model structure for the cost approach would
be?
✔✔Q-1 Supply - Demand - ✔✔Real estate prices are a function of supply and demand
factors operating simultaneously within a market. The _____________ factors relate to
