IAAO 311 COMPLETE EXAMINATION TEST
QUESTIONS WITH VERIFIED SOLUTIONS
●● Model Specification
Answer: expresses those supply and demand factors that best explain
values in a specific market as an equation
●● Model Calibration
Answer: the process of solving for unknown quantities in a model
●● Model Calibration 2 Steps
Answer: developing adjustment weights from supply and demand
factors and determining the model coefficients or parameters
●● Modern Price Theory
Answer: value in exchange is determined by SUPPLY AND DEMAND
●● Model
Answer: representation of how something works
●● Supply Determinants
Answer: Price of the good
, Availability and cost of related goods
Abilities of available technology
●● Demand Determinants
Answer: Price of the good
Consumer income
Price of related commodities
Consumer expectations
Consumer taste and preferences
●● Principle of consistent use
Answer: land cannot be valued on the basis of one use, while
improvements are valued on the basis of another use
●● Pilot Study
Answer: helps evaluate what data to collect and how to establish
credibilty
●● IAAO standards recommend routine property inspections at least
every ________ years.
Answer: six
●● Allowable expenses
QUESTIONS WITH VERIFIED SOLUTIONS
●● Model Specification
Answer: expresses those supply and demand factors that best explain
values in a specific market as an equation
●● Model Calibration
Answer: the process of solving for unknown quantities in a model
●● Model Calibration 2 Steps
Answer: developing adjustment weights from supply and demand
factors and determining the model coefficients or parameters
●● Modern Price Theory
Answer: value in exchange is determined by SUPPLY AND DEMAND
●● Model
Answer: representation of how something works
●● Supply Determinants
Answer: Price of the good
, Availability and cost of related goods
Abilities of available technology
●● Demand Determinants
Answer: Price of the good
Consumer income
Price of related commodities
Consumer expectations
Consumer taste and preferences
●● Principle of consistent use
Answer: land cannot be valued on the basis of one use, while
improvements are valued on the basis of another use
●● Pilot Study
Answer: helps evaluate what data to collect and how to establish
credibilty
●● IAAO standards recommend routine property inspections at least
every ________ years.
Answer: six
●● Allowable expenses
