IAAO COURSE 300 ACTUAL EXAM PAPER 2026 QUESTIONS SOLUTIONS GRADED A+

IAAO COURSE 300 ACTUAL EXAM PAPER
2026 QUESTIONS SOLUTIONS GRADED A+

◉ Purpose of mass appraisal. Answer: Equitable and efficient
appraisal of all property in a jurisdiction for ad valorem tax
purposes.


◉ When did first generation computers emerge. Answer: The 1950s


◉ Mass appraisal models may be:. Answer: Physical, conceptual or
mathematical.


◉ Property valuation models seek to explain or predict what?.
Answer: The market value of properties from real estate data.


◉ Supply factors:. Answer: Building costs, interest rates and
economic conditions.


◉ Demand factors:. Answer: Location, condition and construction
quality

, ◉ Cost approach models require estimates of:. Answer: Land values,
is if vacant; reproduction or replacement cost new of all
improvements and all accrued depreciation.


◉ Sales comparison approach models require:. Answer: A verified
sales database and contributory value components.


◉ Income approach models require:. Answer: Net operating incomes
and capitalization rates for similar use properties.


◉ Basic steps in model building:. Answer: Specification and
calibration.


◉ Model specification. Answer: Defining the form of the model.


◉ Model calibration. Answer: Determining the rates used in the
model.


◉ Model structures:. Answer: Additive, multiplicative or hybrid
(generic).


◉ Components of a mass appraisal system:. Answer: Data
management system, sales analysis system, valuation system and
administrative system.