IAAO 311 ACTUAL FINAL EXAM VERSION 3 |COMPLETE AND GRADED
QUESTIONS AND ANSWERS 2026 LATEST UPDATED | 100% GRADED
CORRECT | 100% GUARANTEED TO PASS | GET A+
1. The definition of mass appraisal is the systematic appraisal of groups of
properties, as of a given date, using standardized procedures and
_____________
______________: statistical testing
2. Characteristics of mass appraisal that are different from single property
appraisal are the use of valuation tables, schedules, and ______________:
models
3. Economic, social, and environmental data are termed ___________ data,
while off-site features and improvement data are termed ____________
______________ data: Market
Property analysis
4. The appraisal principle which states "land cannot be valued on the basis of
,one use, while improvements are valued on the basis of another use" is the
principle of ____________ ______: consistent use
5. Selecting appropriate valuation approaches and specifying the variables to
be used is called __________ ________________: model specification
6. Developing adjustment weights from measurable supply and demand
factors, including quantitative and qualitative factors, is called _____________
_________________: model calibration
7. According to modern price theory, value in exchange is determined by the
interaction of __________ and ___________: Supply
Demand
8. List the three determinants of supply...
_________
_________________________________________________
_______________: Price
Availability and cost of related
goods Technology
,9. List the five determinants of demand...
________
__________________________
____________________________________
__________________________
____________________________________________: Price
Consumers' income
Price of related commodities
Consumer expectations
Consumer tastes and preferences
10. V = bo + b1 × SFLA + b2 × #baths + b3 × GARSQFT ... Is and example of
what type of model?: Additive
11. The 4 market forces that must be analyzed are...
_________________
______________________
________________
, ______________ ______________________: Economic
Governmental
Social
Physical/Environmental
12. Items such as building codes, planning, and zoning are considered
_________________ forces: Governmental
13. The most effective, yet most expensive, method of gathering income
and expense data is _______________ _______________: Personal Interviews
14. Potential gross income (PGI) is based on ___________ rent, which reflects
current rents and typical management: Market
15. ____ ____________ _________ is the income that is typically capitalized into an
indication of value in mass appraisal: Net Operating Income (NOI)
16. Typically, a ________ lease requires the owner to pay all operating
expenses, while a ______ lease requires the tenant to pay all operating
expenses: Gross
Net
QUESTIONS AND ANSWERS 2026 LATEST UPDATED | 100% GRADED
CORRECT | 100% GUARANTEED TO PASS | GET A+
1. The definition of mass appraisal is the systematic appraisal of groups of
properties, as of a given date, using standardized procedures and
_____________
______________: statistical testing
2. Characteristics of mass appraisal that are different from single property
appraisal are the use of valuation tables, schedules, and ______________:
models
3. Economic, social, and environmental data are termed ___________ data,
while off-site features and improvement data are termed ____________
______________ data: Market
Property analysis
4. The appraisal principle which states "land cannot be valued on the basis of
,one use, while improvements are valued on the basis of another use" is the
principle of ____________ ______: consistent use
5. Selecting appropriate valuation approaches and specifying the variables to
be used is called __________ ________________: model specification
6. Developing adjustment weights from measurable supply and demand
factors, including quantitative and qualitative factors, is called _____________
_________________: model calibration
7. According to modern price theory, value in exchange is determined by the
interaction of __________ and ___________: Supply
Demand
8. List the three determinants of supply...
_________
_________________________________________________
_______________: Price
Availability and cost of related
goods Technology
,9. List the five determinants of demand...
________
__________________________
____________________________________
__________________________
____________________________________________: Price
Consumers' income
Price of related commodities
Consumer expectations
Consumer tastes and preferences
10. V = bo + b1 × SFLA + b2 × #baths + b3 × GARSQFT ... Is and example of
what type of model?: Additive
11. The 4 market forces that must be analyzed are...
_________________
______________________
________________
, ______________ ______________________: Economic
Governmental
Social
Physical/Environmental
12. Items such as building codes, planning, and zoning are considered
_________________ forces: Governmental
13. The most effective, yet most expensive, method of gathering income
and expense data is _______________ _______________: Personal Interviews
14. Potential gross income (PGI) is based on ___________ rent, which reflects
current rents and typical management: Market
15. ____ ____________ _________ is the income that is typically capitalized into an
indication of value in mass appraisal: Net Operating Income (NOI)
16. Typically, a ________ lease requires the owner to pay all operating
expenses, while a ______ lease requires the tenant to pay all operating
expenses: Gross
Net
