1 |Page
IAAO 311 REVIEW QUESTIONS AND
QUIZZES WITH CORRECT ANSWERS
2026
What is a requirement of both single-property and mass appraisal? -
correct answer-Uses three basic approaches to value
What is the first step in the mass appraisal process? - correct answer-
definition of the problem
List the three types of data that must be collected in analyzing the market. -
correct answer-General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific
market, and expressing them in an equation is called
______________________________________. - correct answer-model
specification
Developing adjustment weights or coefficients from measurable supply and
demand factors that include quantitative factors describing the
improvements and qualitative judgments affecting land and/or improvement
value is called ____________________________________. - correct
answer-model calibration
,2 |Page
List the five determinants of demand: - correct answer-Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
List the three determinants of supply: - correct answer-Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to
collect it. - correct answer-pilot study
IAAO standards recommend routine property inspections at least every
________ years. - correct answer-six
List four methods of obtaining income and expense data: - correct answer-
Mail questionnaires
Telephone
Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________
_____________ data while the condition rating is considered _______
___________ data. - correct answer-continuous (quantitative)
discrete (qualitative)
, 3 |Page
__________ data is qualitative items that have only two possibilities, yes or
no. - correct answer-Binary
Converting a discrete variable to relative values or numerical ratings is
termed a ___________ transformation. - correct answer-scalar
The result of a depreciation analysis show that the effect of age on value is:
% good=Age -.10. The percent good for 20 years of age would be
_________ while the percent good for 40 years of age would be________.
- correct answer-0.741
0.692
The natural log for a lot with a depth of 150 feet would be _____________.
The factor relative to a base lot of 100 feet would be _________. - correct
answer-5.011
1.088
A _____________________________ transformation helps address the
interactive relationship of a size related variable with a quality-related
variable. - correct answer-multiplicative
The division of one variable by another, for example square feet by number
of rooms, is termed a ________________ transformation. - correct answer-
quotient
______________ or ________________ areas are broad geographic
areas subject to similar economic influences. - correct answer-Market
economic
IAAO 311 REVIEW QUESTIONS AND
QUIZZES WITH CORRECT ANSWERS
2026
What is a requirement of both single-property and mass appraisal? -
correct answer-Uses three basic approaches to value
What is the first step in the mass appraisal process? - correct answer-
definition of the problem
List the three types of data that must be collected in analyzing the market. -
correct answer-General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific
market, and expressing them in an equation is called
______________________________________. - correct answer-model
specification
Developing adjustment weights or coefficients from measurable supply and
demand factors that include quantitative factors describing the
improvements and qualitative judgments affecting land and/or improvement
value is called ____________________________________. - correct
answer-model calibration
,2 |Page
List the five determinants of demand: - correct answer-Price
Price of related commodities
Consumer tastes and preference
Consumer's income
Consumer expectations
List the three determinants of supply: - correct answer-Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to
collect it. - correct answer-pilot study
IAAO standards recommend routine property inspections at least every
________ years. - correct answer-six
List four methods of obtaining income and expense data: - correct answer-
Mail questionnaires
Telephone
Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________
_____________ data while the condition rating is considered _______
___________ data. - correct answer-continuous (quantitative)
discrete (qualitative)
, 3 |Page
__________ data is qualitative items that have only two possibilities, yes or
no. - correct answer-Binary
Converting a discrete variable to relative values or numerical ratings is
termed a ___________ transformation. - correct answer-scalar
The result of a depreciation analysis show that the effect of age on value is:
% good=Age -.10. The percent good for 20 years of age would be
_________ while the percent good for 40 years of age would be________.
- correct answer-0.741
0.692
The natural log for a lot with a depth of 150 feet would be _____________.
The factor relative to a base lot of 100 feet would be _________. - correct
answer-5.011
1.088
A _____________________________ transformation helps address the
interactive relationship of a size related variable with a quality-related
variable. - correct answer-multiplicative
The division of one variable by another, for example square feet by number
of rooms, is termed a ________________ transformation. - correct answer-
quotient
______________ or ________________ areas are broad geographic
areas subject to similar economic influences. - correct answer-Market
economic
