IAAO 311 REVIEW QUESTIONS
AND QUIZZES WITH CORRECT
ANSWERS
Since the supply of land is essentially fixed, the price of land in a given area will be
determined by demand factors such as: - Answer-Population density
Rate of growth
Employment levels
Income levels
Availability of transportation systems
Interest rates
The first step in specifying cost models is to ________ improvements into
homogeneous groups. - Answer-stratify
In developing a cost table, a _________________ can be used to develop the
relationship between the cost per square foot and area. - Answer-scatter diagram
Adjustments for variations from base specifications in the cost model can take the form
of _________________, dollars per square foot, other per unit costs, or ______ ______
dollar costs. - Answer-multipliers
lump sum
List three types of sales that should be excluded when deriving depreciation schedules
from the market: - Answer-Mixed-use parcels
parcels with additional buildings
parcels with extreme land-to-building ratios
After plotting percent good or accrued depreciation against effective age, a curve can
be fitted to the data using any one of the following three ways: - Answer-Visually by
hand
Using graphics software
Using multiplicative or nonlinear MRA
Market calibration of cost models can best be accomplished by using
_________________ or through the use of
________________________________________________________. - Answer-ratio
studies
multiple regression analysis (MRA)
, Market calibration of cost models can best be accomplished by using
_________________________ or through the use of
______________________________________________________. - Answer-ratio
studies
multiple regression analysis (MRA)
In mass appraisal, the sales comparison approach uses either the ________________,
______________, or _____________ model formats to arrive at final value estimates. -
Answer-additive
multiplicative
hybrid
________________________________________________ is a statistical technique for
estimating unknown data based on known and available data. - Answer-Multiple
regression analysis (MRA)
In regression statistics, the _____________ is the ratio of a regression coefficient to its
standard error (the higher the ratio, the more significant the variable). - Answer-t-value
In an additive MRA model bo represents the ________________________ and X1
X2.....Xp represents the ______________________. - Answer-constant
independent variables
The successful application of MRA models in mass appraisal require accurate
___________ ___________ data, adequate sales, good model building skills and
variables to capture significant ____________ influences. - Answer-property
characteristics
location
The regression statistic ___________________ is the percentage of the variation in
sales price explained by the model. - Answer-R-square
In regression statistics, the standard deviation of the regression error is termed the
______________________________________. - Answer-standard error of estimate
(SEE)
The ratio of a regression coefficient to its standard error is called the
_______________, and the higher the ratio, the more significant the variable. - Answer-
t-value
List three strengths and 3 limitations to feedback. - Answer-Strengths
Calibrates the generic model directly
not overly affected by outliers
Provides separate land and building values
Limitations
AND QUIZZES WITH CORRECT
ANSWERS
Since the supply of land is essentially fixed, the price of land in a given area will be
determined by demand factors such as: - Answer-Population density
Rate of growth
Employment levels
Income levels
Availability of transportation systems
Interest rates
The first step in specifying cost models is to ________ improvements into
homogeneous groups. - Answer-stratify
In developing a cost table, a _________________ can be used to develop the
relationship between the cost per square foot and area. - Answer-scatter diagram
Adjustments for variations from base specifications in the cost model can take the form
of _________________, dollars per square foot, other per unit costs, or ______ ______
dollar costs. - Answer-multipliers
lump sum
List three types of sales that should be excluded when deriving depreciation schedules
from the market: - Answer-Mixed-use parcels
parcels with additional buildings
parcels with extreme land-to-building ratios
After plotting percent good or accrued depreciation against effective age, a curve can
be fitted to the data using any one of the following three ways: - Answer-Visually by
hand
Using graphics software
Using multiplicative or nonlinear MRA
Market calibration of cost models can best be accomplished by using
_________________ or through the use of
________________________________________________________. - Answer-ratio
studies
multiple regression analysis (MRA)
, Market calibration of cost models can best be accomplished by using
_________________________ or through the use of
______________________________________________________. - Answer-ratio
studies
multiple regression analysis (MRA)
In mass appraisal, the sales comparison approach uses either the ________________,
______________, or _____________ model formats to arrive at final value estimates. -
Answer-additive
multiplicative
hybrid
________________________________________________ is a statistical technique for
estimating unknown data based on known and available data. - Answer-Multiple
regression analysis (MRA)
In regression statistics, the _____________ is the ratio of a regression coefficient to its
standard error (the higher the ratio, the more significant the variable). - Answer-t-value
In an additive MRA model bo represents the ________________________ and X1
X2.....Xp represents the ______________________. - Answer-constant
independent variables
The successful application of MRA models in mass appraisal require accurate
___________ ___________ data, adequate sales, good model building skills and
variables to capture significant ____________ influences. - Answer-property
characteristics
location
The regression statistic ___________________ is the percentage of the variation in
sales price explained by the model. - Answer-R-square
In regression statistics, the standard deviation of the regression error is termed the
______________________________________. - Answer-standard error of estimate
(SEE)
The ratio of a regression coefficient to its standard error is called the
_______________, and the higher the ratio, the more significant the variable. - Answer-
t-value
List three strengths and 3 limitations to feedback. - Answer-Strengths
Calibrates the generic model directly
not overly affected by outliers
Provides separate land and building values
Limitations
