IAAO COURSE 300 MOCK ASSESSMENT
SERIES 2026 CERTIFICATION READINESS
◉ In the Appraisal Process, "Define the valuation problem" does not
include which of the following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion Answer: d. and f.
◉ Supply and demand factors determine Real Estate values. Which
are not supply factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition Answer: d.,e.,and f.
, ◉ Hybrid or generic models are reflective of which approach to
value? Answer: Cost Approach
◉ What type of model is the following formula? MV=GQ x ((PL x
SIZE)+(PB x SIZE)) Answer: Simple Hybrid (Generic) Cost Model
◉ What should a reappraisal start and end with? Answer: Ratio
Report
◉ A "Yes/No" indicates what type of variable? Answer: Binary
variable
◉ USPAP Standard 6 covers which type of appraisal? Answer: Mass
Appraisal
◉ What are the main components of a Mass Appraisal system?
Answer: 1. Market Data collection
2. Data analysis
3. Development of a model
4. Application of created model
◉ What kind of variable takes on specific, predefined values such as
"log, a-frame, split-level, ranch?" Answer: Discrete
SERIES 2026 CERTIFICATION READINESS
◉ In the Appraisal Process, "Define the valuation problem" does not
include which of the following:
a. Define the Value to be developed
b. Identify limiting conditions or limitations
c. Date of the value
d. Competitive properties
e. Identify intended use and users of appraisal
f. Develop highest and best use opinion Answer: d. and f.
◉ Supply and demand factors determine Real Estate values. Which
are not supply factors?
a. Building costs
b. Interest Rates
c. Economic Conditions
d. Location
e. Construction Quality
f. Condition Answer: d.,e.,and f.
, ◉ Hybrid or generic models are reflective of which approach to
value? Answer: Cost Approach
◉ What type of model is the following formula? MV=GQ x ((PL x
SIZE)+(PB x SIZE)) Answer: Simple Hybrid (Generic) Cost Model
◉ What should a reappraisal start and end with? Answer: Ratio
Report
◉ A "Yes/No" indicates what type of variable? Answer: Binary
variable
◉ USPAP Standard 6 covers which type of appraisal? Answer: Mass
Appraisal
◉ What are the main components of a Mass Appraisal system?
Answer: 1. Market Data collection
2. Data analysis
3. Development of a model
4. Application of created model
◉ What kind of variable takes on specific, predefined values such as
"log, a-frame, split-level, ranch?" Answer: Discrete
