IAAO 311 EXAM WITH 100% CORRECT
ANSWERS
When calibrating an additive model, in the sales comparison approach for income
properties, the (blank) variable is usually expressed on a per unit basis. - Answer-
dependent
In regression statistics, the (blank) adjusts for degrees of freedom providing an
unbiased estimate of (blank). - Answer- Adjusted R2 / R2
Use class is the same as? - Answer- property type
When estimating market rents either (blank) or (blank) income is used. - Answer- PGI or
EGI
One of the characteristics by which properties are grouped is? - Answer- type, class,
area, quality, size
One of the modeling considerations for gross income models is that the dependent
variable is on a (blank) basis. - Answer- per unit
The reliability of GIMs developed through stratification is evaluated by examining: -
Answer- sample size and measures of dispersion consistency among strata
The 2 basic methods for developing per unit rents, expense ratios, GIMS, and OARs
are (blank) and (blank). - Answer- stratification and modeling
The dependent variable in the gross income model is? - Answer- income per unit
The dependent variable in the GIM model is? - Answer- sale price / gross income
The dependent variable in the OAR model is? - Answer- NOI / sale price
Vacancy and collection loss reflect typical? - Answer- management
(blank) are used when implementing a new CAMA system or new valuation techniques,
because they provide a test on a sample or test area. - Answer- pilot study
Once preliminary values are produced, an (blank) is an essential first step in quality
control. - Answer- office review
, (blank) studies are one of the best tools to measure the quality of new appraised values
during the review process. - Answer- ratio
Mass appraisal is the systematic appraisal of groups of properties as of a given date
using - Answer- standardized procedures and statistical testing
What characteristics does a mass appraisal require? - Answer- valuation tables,
schedules, and models
Economic, social, and environmental are termed? - Answer- market analysis data
Off site features and improvement data are termed? - Answer- property analysis data
Selecting appropriate valuation approaches and specifying the variables to be used is
called? - Answer- model specification
Developing adjustment weights from measurable supply and demand factors, including
quantitative and qualitative factors is called? - Answer- model calibration
Valuation in exchange is determined by the interaction of? - Answer- supply and
demand
Value in exchange is? - Answer- market value
A b0 is what? - Answer- constant
b is what? - Answer- coefficient
x is what? - Answer- variable
What kind of model is a combination of multiplicative and additive? - Answer- hybrid
(generic) model
4 categories of market data are? - Answer- PEGS, Physical/Environmental, Economic,
Governmental, Social
Building codes, planning, and zones are considered (blank) forces? - Answer-
Government
What is the most effective yet expensive way to collect data? - Answer- personal
interviews
PGI is based on what? - Answer- market rent
What kind of lease does owner pay expenses? - Answer- gross
ANSWERS
When calibrating an additive model, in the sales comparison approach for income
properties, the (blank) variable is usually expressed on a per unit basis. - Answer-
dependent
In regression statistics, the (blank) adjusts for degrees of freedom providing an
unbiased estimate of (blank). - Answer- Adjusted R2 / R2
Use class is the same as? - Answer- property type
When estimating market rents either (blank) or (blank) income is used. - Answer- PGI or
EGI
One of the characteristics by which properties are grouped is? - Answer- type, class,
area, quality, size
One of the modeling considerations for gross income models is that the dependent
variable is on a (blank) basis. - Answer- per unit
The reliability of GIMs developed through stratification is evaluated by examining: -
Answer- sample size and measures of dispersion consistency among strata
The 2 basic methods for developing per unit rents, expense ratios, GIMS, and OARs
are (blank) and (blank). - Answer- stratification and modeling
The dependent variable in the gross income model is? - Answer- income per unit
The dependent variable in the GIM model is? - Answer- sale price / gross income
The dependent variable in the OAR model is? - Answer- NOI / sale price
Vacancy and collection loss reflect typical? - Answer- management
(blank) are used when implementing a new CAMA system or new valuation techniques,
because they provide a test on a sample or test area. - Answer- pilot study
Once preliminary values are produced, an (blank) is an essential first step in quality
control. - Answer- office review
, (blank) studies are one of the best tools to measure the quality of new appraised values
during the review process. - Answer- ratio
Mass appraisal is the systematic appraisal of groups of properties as of a given date
using - Answer- standardized procedures and statistical testing
What characteristics does a mass appraisal require? - Answer- valuation tables,
schedules, and models
Economic, social, and environmental are termed? - Answer- market analysis data
Off site features and improvement data are termed? - Answer- property analysis data
Selecting appropriate valuation approaches and specifying the variables to be used is
called? - Answer- model specification
Developing adjustment weights from measurable supply and demand factors, including
quantitative and qualitative factors is called? - Answer- model calibration
Valuation in exchange is determined by the interaction of? - Answer- supply and
demand
Value in exchange is? - Answer- market value
A b0 is what? - Answer- constant
b is what? - Answer- coefficient
x is what? - Answer- variable
What kind of model is a combination of multiplicative and additive? - Answer- hybrid
(generic) model
4 categories of market data are? - Answer- PEGS, Physical/Environmental, Economic,
Governmental, Social
Building codes, planning, and zones are considered (blank) forces? - Answer-
Government
What is the most effective yet expensive way to collect data? - Answer- personal
interviews
PGI is based on what? - Answer- market rent
What kind of lease does owner pay expenses? - Answer- gross
