IAAO 300 COMPLETE COURSE REVIEW LATEST EXAM
Real estate prices are a function of supply and demand operating simultaneously
within a market. The _________ factors relate to availability, _________ factors
include such things as condition, size and location - ANSWER: supply, demand
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
___________ - ANSWER: defining the valuation problem
The definition of mass appraisal is the systematic appraisal of groups of properties,
as of a given date, using standardized procedures and ________ - ANSWER:
statistical testing
Building costs, economic conditions and interest rates are __________ factors -
ANSWER: supply
Location, condition, and construction quality are _______ factors - ANSWER:
demand
The basic structure of a model for the sales comparison approach is ________ -
ANSWER: MVs = Sc + ADJc
__________ involves the determination of what data to include the model and in
what format - ANSWER: Model specification
Determining the rates used in a mode, such as adjusting formulas, tables or
schedules to the current market is known as ___________ - ANSWER: Model
calibration
MV=LV+BV is the basic model structure for the ____ approach - ANSWER: cost
Net operating income and capitalization rates are requirements for the _____
approach - ANSWER: income approach
Property valuation models seek to explain or predict the _________ - ANSWER:
market value
The hybrid cost model would be ________ - ANSWER: MV=GQx[(PsubL x LSIZE) +
(PsubL x BSIZE)] + OA
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
peer's actions would be in performing the same or similar assignment. - ANSWER:
Scope of work
, How many steps are in the general appraisal process? - ANSWER: 7
The scope of work rule three parts and they are: - ANSWER: a. 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 - ANSWER: assessment
system, appeal system, and collection system
_________ systems update master files directly from computer workstations and
edits are built into data entry software - ANSWER: Online data entry
A ___________ should be conducted to measure and evaluate the accuracy and
uniformity of new values - ANSWER: ratio study
The receipt of payments and distribution of funds is part of the _________ system -
ANSWER: collection
The four components of the mass appraisal system are: - ANSWER: a. 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 - ANSWER: resources
Sales data, cost data, and income data are components of the _______ portion of
data collection & maintenance - ANSWER: market data
Many times, a _________ decision must be made because of statutes or
administrative rules - ANSWER: reappraisal
Property characteristics data should be thoroughly ______ and _____ to ensure
quality control - ANSWER: edited, tested
Property owners may dispute their value, and this is part of the appeal system -
ANSWER: appeal
The three methods of studies required to evaluate data accuracy are _____, _____,
and _____ - ANSWER: field studies, ratio studies, pilot studies
________ relates to how accurately recorded information, used to estimate values
reflects current status of the property. - ANSWER: quality
Real estate prices are a function of supply and demand operating simultaneously
within a market. The _________ factors relate to availability, _________ factors
include such things as condition, size and location - ANSWER: supply, demand
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
___________ - ANSWER: defining the valuation problem
The definition of mass appraisal is the systematic appraisal of groups of properties,
as of a given date, using standardized procedures and ________ - ANSWER:
statistical testing
Building costs, economic conditions and interest rates are __________ factors -
ANSWER: supply
Location, condition, and construction quality are _______ factors - ANSWER:
demand
The basic structure of a model for the sales comparison approach is ________ -
ANSWER: MVs = Sc + ADJc
__________ involves the determination of what data to include the model and in
what format - ANSWER: Model specification
Determining the rates used in a mode, such as adjusting formulas, tables or
schedules to the current market is known as ___________ - ANSWER: Model
calibration
MV=LV+BV is the basic model structure for the ____ approach - ANSWER: cost
Net operating income and capitalization rates are requirements for the _____
approach - ANSWER: income approach
Property valuation models seek to explain or predict the _________ - ANSWER:
market value
The hybrid cost model would be ________ - ANSWER: MV=GQx[(PsubL x LSIZE) +
(PsubL x BSIZE)] + OA
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
peer's actions would be in performing the same or similar assignment. - ANSWER:
Scope of work
, How many steps are in the general appraisal process? - ANSWER: 7
The scope of work rule three parts and they are: - ANSWER: a. 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 - ANSWER: assessment
system, appeal system, and collection system
_________ systems update master files directly from computer workstations and
edits are built into data entry software - ANSWER: Online data entry
A ___________ should be conducted to measure and evaluate the accuracy and
uniformity of new values - ANSWER: ratio study
The receipt of payments and distribution of funds is part of the _________ system -
ANSWER: collection
The four components of the mass appraisal system are: - ANSWER: a. 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 - ANSWER: resources
Sales data, cost data, and income data are components of the _______ portion of
data collection & maintenance - ANSWER: market data
Many times, a _________ decision must be made because of statutes or
administrative rules - ANSWER: reappraisal
Property characteristics data should be thoroughly ______ and _____ to ensure
quality control - ANSWER: edited, tested
Property owners may dispute their value, and this is part of the appeal system -
ANSWER: appeal
The three methods of studies required to evaluate data accuracy are _____, _____,
and _____ - ANSWER: field studies, ratio studies, pilot studies
________ relates to how accurately recorded information, used to estimate values
reflects current status of the property. - ANSWER: quality
