IAAO 300. Complete Course Review
Questions and Answers 100% Pass
The definition of mass appraisal is the systematic appraisal of groups of properties, as of a given
date, using standardized procedures and _____
• statistical testing
Building costs, economic conditions and interest rates are ______ factors
• supply
Brainpower
Read More
0:09
/
0:15
Location, condition, and construction quality are______ Factors
• demand
The basic structure of a model for the sales comparison approach is
• MVs=Sc+ADJc
______ involves the determination of what data to include in the model and in what format.
• Model specification
Determining the rates used in a model, such as adjusting formulas, tables or schedules to the current
market is known as
• model calibration
Net operating incomes and capitalization rates are requirements for the ______ Model
• income approach
Property valuation models seek to explain or predict the
• market value
The hybrid (additive/multiplicative) cost model would be
• MV = GQ × [(Pl × LSIZE) + (Pb × BSIZE)]
The ____ is acceptable when it meets or exceeds the expectations of parties who are regularly
intended users for similar assignments; and what an appraiser's peers' actions would be in
performing the same or a similar assignment.
, • scope of work
How many steps are in the general appraisal process?
• 7
3. An appraiser establishes the date of value opinion, defines the value to be developed, and
identifies the property rights to be appraised, this is part of
• defining the valuation problem
The scope of work rule has three parts and they are
• Identify the problem to be solved
b. Determine and perform the scope of work necessary to develop credible assignment
results
c. Disclose the scope of work in the report
The three components of a Property Tax System are the
• assessment system, appeal system, and collection system.
________________ systems update master files directly from computer workstations and edits are
built into data entry software.
• Online data entry
A _______ should be conducted to measure and evaluate the accuracy and uniformity of new values
• ratio study
The receipt of payments and distribution of funds is part of the _____ System
• Collection
The four components of the mass appraisal system are
• Data Collection and Maintenance
b. Exploratory Data Analysis
c. Model Development
d. Model Application, Review, and Reconciliation
Analysis of available______ such as personnel, maps and databases are critical before conducting a
reappraisal.
• Resources
Sales data, cost data, and income data are components of the_______ portion of Data Collection &
Maintenance.
• Market Data
Many times, a __________ decision must be made because of statutes or administrative rules.
• reappraisal
Property characteristics data should be thoroughly ____ and ___ to ensure quality control.
Questions and Answers 100% Pass
The definition of mass appraisal is the systematic appraisal of groups of properties, as of a given
date, using standardized procedures and _____
• statistical testing
Building costs, economic conditions and interest rates are ______ factors
• supply
Brainpower
Read More
0:09
/
0:15
Location, condition, and construction quality are______ Factors
• demand
The basic structure of a model for the sales comparison approach is
• MVs=Sc+ADJc
______ involves the determination of what data to include in the model and in what format.
• Model specification
Determining the rates used in a model, such as adjusting formulas, tables or schedules to the current
market is known as
• model calibration
Net operating incomes and capitalization rates are requirements for the ______ Model
• income approach
Property valuation models seek to explain or predict the
• market value
The hybrid (additive/multiplicative) cost model would be
• MV = GQ × [(Pl × LSIZE) + (Pb × BSIZE)]
The ____ is acceptable when it meets or exceeds the expectations of parties who are regularly
intended users for similar assignments; and what an appraiser's peers' actions would be in
performing the same or a similar assignment.
, • scope of work
How many steps are in the general appraisal process?
• 7
3. An appraiser establishes the date of value opinion, defines the value to be developed, and
identifies the property rights to be appraised, this is part of
• defining the valuation problem
The scope of work rule has three parts and they are
• Identify the problem to be solved
b. Determine and perform the scope of work necessary to develop credible assignment
results
c. Disclose the scope of work in the report
The three components of a Property Tax System are the
• assessment system, appeal system, and collection system.
________________ systems update master files directly from computer workstations and edits are
built into data entry software.
• Online data entry
A _______ should be conducted to measure and evaluate the accuracy and uniformity of new values
• ratio study
The receipt of payments and distribution of funds is part of the _____ System
• Collection
The four components of the mass appraisal system are
• Data Collection and Maintenance
b. Exploratory Data Analysis
c. Model Development
d. Model Application, Review, and Reconciliation
Analysis of available______ such as personnel, maps and databases are critical before conducting a
reappraisal.
• Resources
Sales data, cost data, and income data are components of the_______ portion of Data Collection &
Maintenance.
• Market Data
Many times, a __________ decision must be made because of statutes or administrative rules.
• reappraisal
Property characteristics data should be thoroughly ____ and ___ to ensure quality control.
