IAAO Course 300 Exam Questions With
100% Pass
Mass appraisal - Answer-Systematic appraisal of groups of properties as of a given date
using standardized procedures and statistical testing.
/.Purpose of mass appraisal - Answer-Equitable and efficient appraisal of all property in
a jurisdiction for ad valorem tax purposes.
/.When did first generation computers emerge? - Answer-The 1950s
/.Mass appraisal models may be: - Answer-Physical, conceptual or mathematical.
/.Property valuation models seek to explain or predict what? - Answer-The market value
of properties from real estate data.
/.Supply factors: - Answer-Building costs, interest rates and economic conditions.
/.Demand factors: - Answer-Location, condition and construction quality
/.Cost approach models require estimates of: - Answer-Land values, is if vacant;
reproduction or replacement cost new of all improvements and all accrued depreciation.
/.Sales comparison approach models require: - Answer-A verified sales database and
contributory value components.
/.Income approach models require: - Answer-Net operating incomes and capitalization
rates for similar use properties.
/.Basic steps in model building: - Answer-Specification and calibration.
/.Model specification - Answer-Defining the form of the model.
/.Model calibration - Answer-Determining the rates used in the model.
/.Model structures: - Answer-Additive, multiplicative or hybrid (generic).
/.Components of a mass appraisal system: - Answer-Data management system, sales
analysis system, valuation system and administrative system.
/.Data management system: - Answer-Collection, entry and editing, conversion, storage
and security.
100% Pass
Mass appraisal - Answer-Systematic appraisal of groups of properties as of a given date
using standardized procedures and statistical testing.
/.Purpose of mass appraisal - Answer-Equitable and efficient appraisal of all property in
a jurisdiction for ad valorem tax purposes.
/.When did first generation computers emerge? - Answer-The 1950s
/.Mass appraisal models may be: - Answer-Physical, conceptual or mathematical.
/.Property valuation models seek to explain or predict what? - Answer-The market value
of properties from real estate data.
/.Supply factors: - Answer-Building costs, interest rates and economic conditions.
/.Demand factors: - Answer-Location, condition and construction quality
/.Cost approach models require estimates of: - Answer-Land values, is if vacant;
reproduction or replacement cost new of all improvements and all accrued depreciation.
/.Sales comparison approach models require: - Answer-A verified sales database and
contributory value components.
/.Income approach models require: - Answer-Net operating incomes and capitalization
rates for similar use properties.
/.Basic steps in model building: - Answer-Specification and calibration.
/.Model specification - Answer-Defining the form of the model.
/.Model calibration - Answer-Determining the rates used in the model.
/.Model structures: - Answer-Additive, multiplicative or hybrid (generic).
/.Components of a mass appraisal system: - Answer-Data management system, sales
analysis system, valuation system and administrative system.
/.Data management system: - Answer-Collection, entry and editing, conversion, storage
and security.
