IAAO 300 Quiz #1
__________________ 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. - Answer-Both single-property and mass appraisal
A basic model structure for the cost approach would be: - Answer-MV=LV + (RCN-D)
Real estate prices are a function of supply and demand factors operating simultaneously within a
market. The ___________ factors relate to availability, _________ factors include such things as
condition, size and location. - Answer-supply
demand
Which element is not a property characteristic data: - Answer-Income and expense data
A __________________ plays a key role in summarizing the achievements of a new system or
reappraisal and in preparing for the next reappraisal. - Answer-Sales ratio study
Model development has what components? - Answer-Specification
Calibration
Quality assurance
__________________ 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. - Answer-Both single-property and mass appraisal
A basic model structure for the cost approach would be: - Answer-MV=LV + (RCN-D)
Real estate prices are a function of supply and demand factors operating simultaneously within a
market. The ___________ factors relate to availability, _________ factors include such things as
condition, size and location. - Answer-supply
demand
Which element is not a property characteristic data: - Answer-Income and expense data
A __________________ plays a key role in summarizing the achievements of a new system or
reappraisal and in preparing for the next reappraisal. - Answer-Sales ratio study
Model development has what components? - Answer-Specification
Calibration
Quality assurance
