IAAO 311 - QUIZ 1 & QUIZ 2
COMBINED SET EXAM QUESTIONS
AND ANSWERS
Which of the following does NOT apply to the development of depreciation tables?
A. Use only arm's-length sales
B. Exclude parcels with extreme land-to-building ratios
C. Include mixed-use parcels
D. Exclude parcels with additional buildings - Answer-C. Include mixed-use parcels
In the market calibration of cost models, market adjustments can be developed using
ratio studies by:
A. Construction class
B. Size
C. Age groups
D. All of the above - Answer-D. All of the above
V = Bo + (B1 * X1) + (B2 * X2) + (B3 * X3).... is an example of a/an model structure for
the sales comparison approach.
A. Additive
B. Hybrid
C. Multiplicative
D. Adaptive Estimation - Answer-A. Additive
Consider the following regression statistics:
N=349
Adjusted R-square = .879
Standard Error of Estimate (SEE) = 9800
Average Sale price = $100,000
On a percentage basis, approximately two-thirds of the regression errors would fall
within what range:
A. -9.8% to +9.8%
B. -12.1% to +12.1%
C. -19.6% to +19.6%
D 0% to 12.1% - Answer-A. -9.8% to +9.8%
In regression statistics, the most accurate measure of the percentage of variation in
sales prices explained by the model is the__________
A. R-square
, B. Adjusted R-square
C. Standard Error of Estimate (SEE)
D. Coefficient of Variation - Answer-B. Adjusted R-square
In regression statistics, the __________ is the ratio of a regression coefficient to its
standard error (the higher the ratio, the more significant the variable)
A. R-square
B. Adjusted R-square
C. Standard Error of Estimate (SEE)
D. t-value - Answer-D. t-value
In multiple regression analysis, __________ represents the difference between actual
and predicted sales prices.
A. Standard error of estimate
B. Coefficient of variation
C. Residuals
D. None of the above - Answer-C. Residuals
Which of the following employs the Euclidean distance metric:
A. Automated comparable Sales
B. Location value response surface analysis
C. Adaptive estimation procedure
D. Multiplicative MRA - Answer-A. Automated comparable Sales
During the office review of values, the reasonableness, consistency and credibility of
values can be gauged through:
A. Ratio Studies
B. Benchmark values
C. Average change in values
D. All of the above - Answer-D. All of the above
Materials required for an effective field review of values include:
A. Assessment maps and property record cards
B Sales ratio reports
C. Average value change reports
D. All of the above - Answer-A. Assessment maps and property record cards
Aspects of value acceptability are:
A. Accuracy
B. Stability
C. Explainability
D. All of the Above - Answer-D. All of the above
Which of the following maximizes accuracy versus stability?
A. Full recalibration
B. Cyclical recalibration with interim adjustments
COMBINED SET EXAM QUESTIONS
AND ANSWERS
Which of the following does NOT apply to the development of depreciation tables?
A. Use only arm's-length sales
B. Exclude parcels with extreme land-to-building ratios
C. Include mixed-use parcels
D. Exclude parcels with additional buildings - Answer-C. Include mixed-use parcels
In the market calibration of cost models, market adjustments can be developed using
ratio studies by:
A. Construction class
B. Size
C. Age groups
D. All of the above - Answer-D. All of the above
V = Bo + (B1 * X1) + (B2 * X2) + (B3 * X3).... is an example of a/an model structure for
the sales comparison approach.
A. Additive
B. Hybrid
C. Multiplicative
D. Adaptive Estimation - Answer-A. Additive
Consider the following regression statistics:
N=349
Adjusted R-square = .879
Standard Error of Estimate (SEE) = 9800
Average Sale price = $100,000
On a percentage basis, approximately two-thirds of the regression errors would fall
within what range:
A. -9.8% to +9.8%
B. -12.1% to +12.1%
C. -19.6% to +19.6%
D 0% to 12.1% - Answer-A. -9.8% to +9.8%
In regression statistics, the most accurate measure of the percentage of variation in
sales prices explained by the model is the__________
A. R-square
, B. Adjusted R-square
C. Standard Error of Estimate (SEE)
D. Coefficient of Variation - Answer-B. Adjusted R-square
In regression statistics, the __________ is the ratio of a regression coefficient to its
standard error (the higher the ratio, the more significant the variable)
A. R-square
B. Adjusted R-square
C. Standard Error of Estimate (SEE)
D. t-value - Answer-D. t-value
In multiple regression analysis, __________ represents the difference between actual
and predicted sales prices.
A. Standard error of estimate
B. Coefficient of variation
C. Residuals
D. None of the above - Answer-C. Residuals
Which of the following employs the Euclidean distance metric:
A. Automated comparable Sales
B. Location value response surface analysis
C. Adaptive estimation procedure
D. Multiplicative MRA - Answer-A. Automated comparable Sales
During the office review of values, the reasonableness, consistency and credibility of
values can be gauged through:
A. Ratio Studies
B. Benchmark values
C. Average change in values
D. All of the above - Answer-D. All of the above
Materials required for an effective field review of values include:
A. Assessment maps and property record cards
B Sales ratio reports
C. Average value change reports
D. All of the above - Answer-A. Assessment maps and property record cards
Aspects of value acceptability are:
A. Accuracy
B. Stability
C. Explainability
D. All of the Above - Answer-D. All of the above
Which of the following maximizes accuracy versus stability?
A. Full recalibration
B. Cyclical recalibration with interim adjustments
