IAAO 311 Review Questions ACTUAL EXAM
QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+
GRADED 100% VERIFIED) LATEST VERSION 2025!!
What is a requirement of both single-property and mass appraisal? -
(ANSWER)Uses three basic approaches to value
What is the first step in the mass appraisal process? - (ANSWER)definition of the
problem
List the three types of data that must be collected in analyzing the market. -
(ANSWER)General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific
market, and expressing them in an equation is called
______________________________________. - (ANSWER)model specification
Developing adjustment weights or coefficients from measurable supply and
demand factors that include quantitative factors describing the improvements
and qualitative judgments affecting land and/or improvement value is called
____________________________________. - (ANSWER)model calibration
List the five determinants of demand: - (ANSWER)Price
Price of related commodities
,Consumer tastes and preference
Consumer's income
Consumer expectations
List the three determinants of supply: - (ANSWER)Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to collect it.
- (ANSWER)pilot study
IAAO standards recommend routine property inspections at least every ________
years. - (ANSWER)six
List four methods of obtaining income and expense data: - (ANSWER)Mail
questionnaires
Telephone
Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________ _____________
data while the condition rating is considered _______ ___________ data. -
(ANSWER)continuous (quantitative)
, discrete (qualitative)
__________ data is qualitative items that have only two possibilities, yes or no. -
(ANSWER)Binary
Converting a discrete variable to relative values or numerical ratings is termed a
___________ transformation. - (ANSWER)scalar
The result of a depreciation analysis show that the effect of age on value is: %
good=Age -.10. The percent good for 20 years of age would be _________ while
the percent good for 40 years of age would be________. - (ANSWER)0.741
0.692
The natural log for a lot with a depth of 150 feet would be _____________. The
factor relative to a base lot of 100 feet would be _________. - (ANSWER)5.011
1.088
A _____________________________ transformation helps address the
interactive relationship of a size related variable with a quality-related variable. -
(ANSWER)multiplicative
The division of one variable by another, for example square feet by number of
rooms, is termed a ________________ transformation. - (ANSWER)quotient
QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+
GRADED 100% VERIFIED) LATEST VERSION 2025!!
What is a requirement of both single-property and mass appraisal? -
(ANSWER)Uses three basic approaches to value
What is the first step in the mass appraisal process? - (ANSWER)definition of the
problem
List the three types of data that must be collected in analyzing the market. -
(ANSWER)General data
Specific data
Comparative data
Identifying supply and demand factors that best explain values in a specific
market, and expressing them in an equation is called
______________________________________. - (ANSWER)model specification
Developing adjustment weights or coefficients from measurable supply and
demand factors that include quantitative factors describing the improvements
and qualitative judgments affecting land and/or improvement value is called
____________________________________. - (ANSWER)model calibration
List the five determinants of demand: - (ANSWER)Price
Price of related commodities
,Consumer tastes and preference
Consumer's income
Consumer expectations
List the three determinants of supply: - (ANSWER)Price
Availability and cost of related goods
Technology
A ____________ helps evaluate what data to collect and the best way to collect it.
- (ANSWER)pilot study
IAAO standards recommend routine property inspections at least every ________
years. - (ANSWER)six
List four methods of obtaining income and expense data: - (ANSWER)Mail
questionnaires
Telephone
Personal contact
Industry and trade publications
The square foot area of a residence is considered ___________ _____________
data while the condition rating is considered _______ ___________ data. -
(ANSWER)continuous (quantitative)
, discrete (qualitative)
__________ data is qualitative items that have only two possibilities, yes or no. -
(ANSWER)Binary
Converting a discrete variable to relative values or numerical ratings is termed a
___________ transformation. - (ANSWER)scalar
The result of a depreciation analysis show that the effect of age on value is: %
good=Age -.10. The percent good for 20 years of age would be _________ while
the percent good for 40 years of age would be________. - (ANSWER)0.741
0.692
The natural log for a lot with a depth of 150 feet would be _____________. The
factor relative to a base lot of 100 feet would be _________. - (ANSWER)5.011
1.088
A _____________________________ transformation helps address the
interactive relationship of a size related variable with a quality-related variable. -
(ANSWER)multiplicative
The division of one variable by another, for example square feet by number of
rooms, is termed a ________________ transformation. - (ANSWER)quotient
