IAAO Course 300 EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED
ANSWERS) PLUS RATIONALES 2026 Q&A
Mass appraisal - ✔✔✔ANSW✔✔..Systematic appraisal of groups of
properties as of a given date using standardized procedures and
statistical testing.
Purpose of mass appraisal - ✔✔✔ANSW✔✔..Equitable and efficient
appraisal of all property in a jurisdiction for ad valorem tax purposes.
When did first generation computers emerge? - ✔✔✔ANSW✔✔..The
1950s
Mass appraisal models may be: - ✔✔✔ANSW✔✔..Physical, conceptual
or mathematical.
Property valuation models seek to explain or predict what? -
✔✔✔ANSW✔✔..The market value of properties from real estate data.
Supply factors: - ✔✔✔ANSW✔✔..Building costs, interest rates and
economic conditions.
Demand factors: - ✔✔✔ANSW✔✔..Location, condition and
construction quality
,Cost approach models require estimates of: - ✔✔✔ANSW✔✔..Land
values, is if vacant; reproduction or replacement cost new of all
improvements and all accrued depreciation.
Sales comparison approach models require: - ✔✔✔ANSW✔✔..A
verified sales database and contributory value components.
Income approach models require: - ✔✔✔ANSW✔✔..Net operating
incomes and capitalization rates for similar use properties.
Basic steps in model building: - ✔✔✔ANSW✔✔..Specification and
calibration.
Model specification - ✔✔✔ANSW✔✔..Defining the form of the model.
Model calibration - ✔✔✔ANSW✔✔..Determining the rates used in the
model.
Model structures: - ✔✔✔ANSW✔✔..Additive, multiplicative or hybrid
(generic).
Components of a mass appraisal system: - ✔✔✔ANSW✔✔..Data
management system, sales analysis system, valuation system and
administrative system.
Data management system: - ✔✔✔ANSW✔✔..Collection, entry and
editing, conversion, storage and security.
Sales analysis system: - ✔✔✔ANSW✔✔..Data collection, screening
and processing, sales ratio studies and sales reports.
, Valuation system: - ✔✔✔ANSW✔✔..Sales comparison approach, cost
approach, income approach, review and reconciliation.
Administrative system: - ✔✔✔ANSW✔✔..Budgeting, scheduling,
planning, inquiry, analysis, reporting, assessment roll / notices, forms,
wordprocessing and record cards.
Requirements of a mass appraisal system: - ✔✔✔ANSW✔✔..Three
primary files: (Parcel, property characteristics and sales file) and
methods of updating files: (Batch data entry and online data entry)
Batch data entry: - ✔✔✔ANSW✔✔..Hold file
Online data entry: - ✔✔✔ANSW✔✔..Live file
Steps in reappraisal: - ✔✔✔ANSW✔✔..Performance analysis (ratio
study) reappraisal decision, analysis of available resources, planning and
organizing, system development procedures, data collection, system
implementation, valuation, preparation of assessment roll and final
performance analysis (ratio study).
Data accuracy is determined by: - ✔✔✔ANSW✔✔..The quality and
quantity of the data.
Quality - ✔✔✔ANSW✔✔..Relates to how accurately recorded
information, used to estimate values, reflects the current status of the
property.
Quantity - ✔✔✔ANSW✔✔..Relates to the completeness of the
available data or what must be collected to capture local market
influences.
CORRECT ANSWERS (VERIFIED
ANSWERS) PLUS RATIONALES 2026 Q&A
Mass appraisal - ✔✔✔ANSW✔✔..Systematic appraisal of groups of
properties as of a given date using standardized procedures and
statistical testing.
Purpose of mass appraisal - ✔✔✔ANSW✔✔..Equitable and efficient
appraisal of all property in a jurisdiction for ad valorem tax purposes.
When did first generation computers emerge? - ✔✔✔ANSW✔✔..The
1950s
Mass appraisal models may be: - ✔✔✔ANSW✔✔..Physical, conceptual
or mathematical.
Property valuation models seek to explain or predict what? -
✔✔✔ANSW✔✔..The market value of properties from real estate data.
Supply factors: - ✔✔✔ANSW✔✔..Building costs, interest rates and
economic conditions.
Demand factors: - ✔✔✔ANSW✔✔..Location, condition and
construction quality
,Cost approach models require estimates of: - ✔✔✔ANSW✔✔..Land
values, is if vacant; reproduction or replacement cost new of all
improvements and all accrued depreciation.
Sales comparison approach models require: - ✔✔✔ANSW✔✔..A
verified sales database and contributory value components.
Income approach models require: - ✔✔✔ANSW✔✔..Net operating
incomes and capitalization rates for similar use properties.
Basic steps in model building: - ✔✔✔ANSW✔✔..Specification and
calibration.
Model specification - ✔✔✔ANSW✔✔..Defining the form of the model.
Model calibration - ✔✔✔ANSW✔✔..Determining the rates used in the
model.
Model structures: - ✔✔✔ANSW✔✔..Additive, multiplicative or hybrid
(generic).
Components of a mass appraisal system: - ✔✔✔ANSW✔✔..Data
management system, sales analysis system, valuation system and
administrative system.
Data management system: - ✔✔✔ANSW✔✔..Collection, entry and
editing, conversion, storage and security.
Sales analysis system: - ✔✔✔ANSW✔✔..Data collection, screening
and processing, sales ratio studies and sales reports.
, Valuation system: - ✔✔✔ANSW✔✔..Sales comparison approach, cost
approach, income approach, review and reconciliation.
Administrative system: - ✔✔✔ANSW✔✔..Budgeting, scheduling,
planning, inquiry, analysis, reporting, assessment roll / notices, forms,
wordprocessing and record cards.
Requirements of a mass appraisal system: - ✔✔✔ANSW✔✔..Three
primary files: (Parcel, property characteristics and sales file) and
methods of updating files: (Batch data entry and online data entry)
Batch data entry: - ✔✔✔ANSW✔✔..Hold file
Online data entry: - ✔✔✔ANSW✔✔..Live file
Steps in reappraisal: - ✔✔✔ANSW✔✔..Performance analysis (ratio
study) reappraisal decision, analysis of available resources, planning and
organizing, system development procedures, data collection, system
implementation, valuation, preparation of assessment roll and final
performance analysis (ratio study).
Data accuracy is determined by: - ✔✔✔ANSW✔✔..The quality and
quantity of the data.
Quality - ✔✔✔ANSW✔✔..Relates to how accurately recorded
information, used to estimate values, reflects the current status of the
property.
Quantity - ✔✔✔ANSW✔✔..Relates to the completeness of the
available data or what must be collected to capture local market
influences.
