IAAO COURSE 300 COMPREHENSIVE STUDY
GUIDE 2026 VERIFIED ANSWERS
◉ Supply. Answer: Building costs, economic conditions and interest
rates are _______________ factors.
◉ Demand. Answer: Location, condition, and construction quality
are ___________ factors.
◉ MV = Sc + ADJc. Answer: The basic structure of a model for the
sales comparison approach is _________________________.
◉ Model Specification. Answer: ________________________ involves the
determination of what data to include in the model and in what
format.
◉ Model Calibration. Answer: Determining the rates used in a
model, such as adjusting tables or schedules to the current market is
known as ___________________.
◉ Cost. Answer: MV = LV + BV is the basic model structure for the
____________ approach.
,◉ Income Approach. Answer: Net operating incomes and
capitalization rates are requirements for the ______________
_________________ model.
◉ Market Value. Answer: Property valuation models seek to explain
or predict the _________________ _____________________ of properties from
real estate sales and related data.
◉ MV = GQ * ((PL * LSIZE) + (PB * BSIZE)). Answer: The hybrid
(additive/multiplicative) cost model would be
__________________________________.
◉ Scope of Work. Answer: The _________________ is acceptable when it
meets the expectation of parties who are regularly intended users of
similar assignments and what an appraisers peers actions in
performing a similar assignments.
◉ 7. Answer: How many steps are in the general appraisal process?
◉ Define the Valuation Problem. Answer: An appraiser establishes
the date of value opinion, defines the value, and identifies the
property rights to be appraised, this is part of the
______________________________.
, ◉ 1) Identify the problem to be solved. 2) Determine and perform
the scope of work necessary to develop a credible assignment. 3)
Disclose the scope of work in the report.. Answer: The scope of work
rule has three parts and they are _______.
◉ Assessment System, Appeal System, and Collection System.
Answer: The three components of a Property Tax System are the
___________, ____________________, and __________________________.
◉ Online. Answer: ____________________ systems update master files
directly from computer work stations and edits are built into data
entry software.
◉ Ratio Study. Answer: A __________________ should be conducted to
measure and evaluate the accuracy and uniformity of new values.
◉ Collection. Answer: The receipt of payments and distribution of
funds is part of the __________________________ System.
◉ 1) Data collection and maintenance 2) Exploratory data analysis
3) Model development 4) Model application, review and
reconciliation. Answer: The four components of the mass appraisal
system are __________.
GUIDE 2026 VERIFIED ANSWERS
◉ Supply. Answer: Building costs, economic conditions and interest
rates are _______________ factors.
◉ Demand. Answer: Location, condition, and construction quality
are ___________ factors.
◉ MV = Sc + ADJc. Answer: The basic structure of a model for the
sales comparison approach is _________________________.
◉ Model Specification. Answer: ________________________ involves the
determination of what data to include in the model and in what
format.
◉ Model Calibration. Answer: Determining the rates used in a
model, such as adjusting tables or schedules to the current market is
known as ___________________.
◉ Cost. Answer: MV = LV + BV is the basic model structure for the
____________ approach.
,◉ Income Approach. Answer: Net operating incomes and
capitalization rates are requirements for the ______________
_________________ model.
◉ Market Value. Answer: Property valuation models seek to explain
or predict the _________________ _____________________ of properties from
real estate sales and related data.
◉ MV = GQ * ((PL * LSIZE) + (PB * BSIZE)). Answer: The hybrid
(additive/multiplicative) cost model would be
__________________________________.
◉ Scope of Work. Answer: The _________________ is acceptable when it
meets the expectation of parties who are regularly intended users of
similar assignments and what an appraisers peers actions in
performing a similar assignments.
◉ 7. Answer: How many steps are in the general appraisal process?
◉ Define the Valuation Problem. Answer: An appraiser establishes
the date of value opinion, defines the value, and identifies the
property rights to be appraised, this is part of the
______________________________.
, ◉ 1) Identify the problem to be solved. 2) Determine and perform
the scope of work necessary to develop a credible assignment. 3)
Disclose the scope of work in the report.. Answer: The scope of work
rule has three parts and they are _______.
◉ Assessment System, Appeal System, and Collection System.
Answer: The three components of a Property Tax System are the
___________, ____________________, and __________________________.
◉ Online. Answer: ____________________ systems update master files
directly from computer work stations and edits are built into data
entry software.
◉ Ratio Study. Answer: A __________________ should be conducted to
measure and evaluate the accuracy and uniformity of new values.
◉ Collection. Answer: The receipt of payments and distribution of
funds is part of the __________________________ System.
◉ 1) Data collection and maintenance 2) Exploratory data analysis
3) Model development 4) Model application, review and
reconciliation. Answer: The four components of the mass appraisal
system are __________.
