IAAO 300 EXAMS SCRIPT 2025/2026 QUESTIONS AND
SOLUTIONS GRADED A+ TIP
✔✔edited, tested - ✔✔Property characteristics data should be thoroughly ______ and
_____ to ensure quality control
✔✔appeal - ✔✔Property owners may dispute their value, and this is part of the appeal
system
✔✔field studies, ratio studies, pilot studies - ✔✔The three methods of studies required
to evaluate data accuracy 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 discrete 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 county or the square footage of the basement is not greater than
the square footage if the finished area
✔✔subjective - ✔✔_____ data are items where the proper value is a matter of judgment
and more difficult to verify
✔✔quantity - ✔✔relates to the completeness of the available data or what must be
collected to capture local market influence
✔✔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-shape) distribution
✔✔range, quartiles, percentiles, standard deviation, coefficient of variation - ✔✔List five
common measures of dispersion
✔✔Crosstabulations - ✔✔_________ 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, variation - ✔✔The _________ of _________ expresses the standard
deviation as a percentage of the mean
✔✔extremes and outliers - ✔✔cases beyond the whiskers in box plots are _________
and _________
✔✔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
✔✔MV=LV+BV - ✔✔A basic model structure for the cost approach would be
✔✔income and expense data - ✔✔What element is a property of characteristic data?
✔✔sales ratio study - ✔✔A _________ plays a key role in summarizing the
achievements of a new system or reappraisal and in preparing for the next reappraisal
✔✔Specification, calibration, quality assurance - ✔✔Model development has what
components?
✔✔Continuous - ✔✔_________ data can take any value in a given range and is often
based on measurements
SOLUTIONS GRADED A+ TIP
✔✔edited, tested - ✔✔Property characteristics data should be thoroughly ______ and
_____ to ensure quality control
✔✔appeal - ✔✔Property owners may dispute their value, and this is part of the appeal
system
✔✔field studies, ratio studies, pilot studies - ✔✔The three methods of studies required
to evaluate data accuracy 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 discrete 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 county or the square footage of the basement is not greater than
the square footage if the finished area
✔✔subjective - ✔✔_____ data are items where the proper value is a matter of judgment
and more difficult to verify
✔✔quantity - ✔✔relates to the completeness of the available data or what must be
collected to capture local market influence
✔✔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-shape) distribution
✔✔range, quartiles, percentiles, standard deviation, coefficient of variation - ✔✔List five
common measures of dispersion
✔✔Crosstabulations - ✔✔_________ 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, variation - ✔✔The _________ of _________ expresses the standard
deviation as a percentage of the mean
✔✔extremes and outliers - ✔✔cases beyond the whiskers in box plots are _________
and _________
✔✔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
✔✔MV=LV+BV - ✔✔A basic model structure for the cost approach would be
✔✔income and expense data - ✔✔What element is a property of characteristic data?
✔✔sales ratio study - ✔✔A _________ plays a key role in summarizing the
achievements of a new system or reappraisal and in preparing for the next reappraisal
✔✔Specification, calibration, quality assurance - ✔✔Model development has what
components?
✔✔Continuous - ✔✔_________ data can take any value in a given range and is often
based on measurements
