IAAO 300 EXAMS EVALUATION 2025/2026 QUESTIONS
AND SOLUTIONS GRADED A+ TIP
✔✔determine if the assessor's office can complete a physical review of all properties
within 9 months. 5 scheduled holidays, 12 vacation days, 8 sick days, 4 training days.
work week is 5 days. office is staffed with 3 appraisers who service 6,000 parcels. each
appraiser can review an average of 8 parcels per day. how long will it take with current
staff? will this give the office time to review all parcels in 9 months? - ✔✔250 work days
no
✔✔consistency edit - ✔✔logical edit
ex: can't have more bathrooms than total rooms
✔✔frequency distribution - ✔✔-shows # of occurrences of each unique value in data set
-has logical groups of values called intervals or classes
-generally choose at least 5 & no more than 15
✔✔histogram - ✔✔highest bar is most common level of appraisal & is used for
frequency distribution
✔✔how to find quartiles & percentiles of data - ✔✔k=(p)(n)+p
k=rank
p=quartile or percentile in decimal form
n=sample size
✔✔standard deviation steps - ✔✔1.find mean
2.subtract mean from each value
3.square resulting differences
4.sum of squared differences
5.divide by sample size minus 1 for variance
6.take square root of variance
✔✔COV - ✔✔cov=(standard deviation/mean) • 100
✔✔cross tabulation - ✔✔2 way frequency distribution that shows joint distribution of
values for two binary or discrete variables
✔✔scatter diagrams - ✔✔-show relationship between 2 quantitative variables
-upward slope is positive
✔✔what are 5 common measures of dispersion? - ✔✔1.range
2.quartiles
3.percentiles
4.standard deviation
5.cov
, ✔✔sale screening - ✔✔all single-parcel sales that are arms length & represent market
value to maximize the number of valid open market transactions
✔✔adjusting sales - ✔✔is common for personal property
✔✔how to find weighted mean - ✔✔sum of appraisals/sum of sales prices
✔✔COD steps - ✔✔1.calculate & array ratios
2.find median ratio
3.calculate absolute difference between median & each ratio
4.sum up the differences
5.divide by number of sales (AAD)
6.divide AAD by median & multiply it by 100
(most common:widely used)
✔✔how to find trend factor - ✔✔target level/current level = TF
✔✔what is the COD range for rural or small jurisdictions/less active markets - ✔✔5 to
20
✔✔cost models follow the structure of - ✔✔generic/hybrid models
✔✔direct costs - ✔✔-materials
-labor
-supervision
-building permits
✔✔indirect costs - ✔✔-insurance
-engineering fees
-interest
-taxes
-marketing
-overhead & profits
✔✔what are the steps in cost approach - ✔✔1.estimate the site value as if vacant
2.estimate RCN
3.determine & subtract depreciation
4.add land value
5. apply adjustments
✔✔comparative unit method - ✔✔easiest & fastest, most widely used method of cost
estimation
AND SOLUTIONS GRADED A+ TIP
✔✔determine if the assessor's office can complete a physical review of all properties
within 9 months. 5 scheduled holidays, 12 vacation days, 8 sick days, 4 training days.
work week is 5 days. office is staffed with 3 appraisers who service 6,000 parcels. each
appraiser can review an average of 8 parcels per day. how long will it take with current
staff? will this give the office time to review all parcels in 9 months? - ✔✔250 work days
no
✔✔consistency edit - ✔✔logical edit
ex: can't have more bathrooms than total rooms
✔✔frequency distribution - ✔✔-shows # of occurrences of each unique value in data set
-has logical groups of values called intervals or classes
-generally choose at least 5 & no more than 15
✔✔histogram - ✔✔highest bar is most common level of appraisal & is used for
frequency distribution
✔✔how to find quartiles & percentiles of data - ✔✔k=(p)(n)+p
k=rank
p=quartile or percentile in decimal form
n=sample size
✔✔standard deviation steps - ✔✔1.find mean
2.subtract mean from each value
3.square resulting differences
4.sum of squared differences
5.divide by sample size minus 1 for variance
6.take square root of variance
✔✔COV - ✔✔cov=(standard deviation/mean) • 100
✔✔cross tabulation - ✔✔2 way frequency distribution that shows joint distribution of
values for two binary or discrete variables
✔✔scatter diagrams - ✔✔-show relationship between 2 quantitative variables
-upward slope is positive
✔✔what are 5 common measures of dispersion? - ✔✔1.range
2.quartiles
3.percentiles
4.standard deviation
5.cov
, ✔✔sale screening - ✔✔all single-parcel sales that are arms length & represent market
value to maximize the number of valid open market transactions
✔✔adjusting sales - ✔✔is common for personal property
✔✔how to find weighted mean - ✔✔sum of appraisals/sum of sales prices
✔✔COD steps - ✔✔1.calculate & array ratios
2.find median ratio
3.calculate absolute difference between median & each ratio
4.sum up the differences
5.divide by number of sales (AAD)
6.divide AAD by median & multiply it by 100
(most common:widely used)
✔✔how to find trend factor - ✔✔target level/current level = TF
✔✔what is the COD range for rural or small jurisdictions/less active markets - ✔✔5 to
20
✔✔cost models follow the structure of - ✔✔generic/hybrid models
✔✔direct costs - ✔✔-materials
-labor
-supervision
-building permits
✔✔indirect costs - ✔✔-insurance
-engineering fees
-interest
-taxes
-marketing
-overhead & profits
✔✔what are the steps in cost approach - ✔✔1.estimate the site value as if vacant
2.estimate RCN
3.determine & subtract depreciation
4.add land value
5. apply adjustments
✔✔comparative unit method - ✔✔easiest & fastest, most widely used method of cost
estimation
