IAAO 300 COMPLETE COURSE REVIEW LATEST EXAM
________________ are exercises in applied economic analysis and require the use of
logical, systematic methods for the collecting, analyzing and processing of data to
produce supportive, well documented value estimates. - ANSWER: Both single-
property and mass appraisal
The scope of work rule has three parts and they are: - ANSWER: Identify the problem
to be solved.
Determine and perform the scope of work necessary to develop a credible
assignment.
Disclose the scope of work in the report.
An appraiser must do which of the following for each appraisal: - ANSWER: Identify
the problem to be solved.
Determine and perform the scope of work necessary to develop a credible
assignment.
Disclose the scope of work in the report.
All of the above.
A similarity between single property appraisal is: - ANSWER: Use of the same
approaches to value
The first step in the appraisal process is problem identification (also known as
defining the valuation problem). Which is not part of the problem identification
process: - ANSWER: Competitive properties
As used in mass appraisal, a basic gross income model is expressed as: - ANSWER: GI
x GIM
As used in mass appraisal, a net gross income model is expressed as: - ANSWER:
NOI/OAR
Real estate prices are a function of supply and demand factors operating
simultaneously within a market. The __________ factors relate to availability,
__________________ factors include such things as condition, size and location. -
ANSWER: supply - demand
Which of the following distinguish the batch procession method of file updating? -
ANSWER: Data is keyed to a temporary "hold" file
A reappraisal should begin and end with: - ANSWER: Ratio Study
Data quality reviews, data distributions (i.e. frequency distributions), market
patterns (i.e. scatter diagrams, and time trends are part of what component of a
mass appraisal system. - ANSWER: Exploratory data analysis
, Which is not part of the model of development? - ANSWER: Final value
determination
In data collection and maintenance, market data involves: - ANSWER: Cost data
Sales data
Income data
All of the above
A data edit where the number of rooms is less than the number of bedrooms or the
total number of rooms is less than the number of bathrooms is a: - ANSWER:
Consistency (logic) edit
Five appraisers are available to field canvass 4800 parcels. Each appraiser can work
15 parcels per day, on average. How many days will it take to complete the field
canvass? - ANSWER: 64
A corner lot (yes/no) or a swimming pool (yes/no) are examples of what type of
variable? - ANSWER: a binary variable
A qualitative discrete variable is: - ANSWER: Construction grade
The most common measure of dispersion is: - ANSWER: standard deviation
A logical step of dividing data into class intervals is: - ANSWER: A histogram
Scatter diagrams show the relationship between _________________ variables. -
ANSWER: Dependent and Independent
What can be used to show several variables simultaneously or the same variable for
different strata: - ANSWER: polygons
A _____________________ is a graphical representation of a frequency distribution.
- ANSWER: Histogram
The relationship between the variables, construction grade and neighborhood,
would best be illustrated by a: - ANSWER: Contingency table
A good way to show the distribution of qualitative variables is: - ANSWER: Cross-
tabulation
The relationship between sale price and construction quality in each of three
neighborhoods would best be illustrated by a: - ANSWER: line chart
________________ are exercises in applied economic analysis and require the use of
logical, systematic methods for the collecting, analyzing and processing of data to
produce supportive, well documented value estimates. - ANSWER: Both single-
property and mass appraisal
The scope of work rule has three parts and they are: - ANSWER: Identify the problem
to be solved.
Determine and perform the scope of work necessary to develop a credible
assignment.
Disclose the scope of work in the report.
An appraiser must do which of the following for each appraisal: - ANSWER: Identify
the problem to be solved.
Determine and perform the scope of work necessary to develop a credible
assignment.
Disclose the scope of work in the report.
All of the above.
A similarity between single property appraisal is: - ANSWER: Use of the same
approaches to value
The first step in the appraisal process is problem identification (also known as
defining the valuation problem). Which is not part of the problem identification
process: - ANSWER: Competitive properties
As used in mass appraisal, a basic gross income model is expressed as: - ANSWER: GI
x GIM
As used in mass appraisal, a net gross income model is expressed as: - ANSWER:
NOI/OAR
Real estate prices are a function of supply and demand factors operating
simultaneously within a market. The __________ factors relate to availability,
__________________ factors include such things as condition, size and location. -
ANSWER: supply - demand
Which of the following distinguish the batch procession method of file updating? -
ANSWER: Data is keyed to a temporary "hold" file
A reappraisal should begin and end with: - ANSWER: Ratio Study
Data quality reviews, data distributions (i.e. frequency distributions), market
patterns (i.e. scatter diagrams, and time trends are part of what component of a
mass appraisal system. - ANSWER: Exploratory data analysis
, Which is not part of the model of development? - ANSWER: Final value
determination
In data collection and maintenance, market data involves: - ANSWER: Cost data
Sales data
Income data
All of the above
A data edit where the number of rooms is less than the number of bedrooms or the
total number of rooms is less than the number of bathrooms is a: - ANSWER:
Consistency (logic) edit
Five appraisers are available to field canvass 4800 parcels. Each appraiser can work
15 parcels per day, on average. How many days will it take to complete the field
canvass? - ANSWER: 64
A corner lot (yes/no) or a swimming pool (yes/no) are examples of what type of
variable? - ANSWER: a binary variable
A qualitative discrete variable is: - ANSWER: Construction grade
The most common measure of dispersion is: - ANSWER: standard deviation
A logical step of dividing data into class intervals is: - ANSWER: A histogram
Scatter diagrams show the relationship between _________________ variables. -
ANSWER: Dependent and Independent
What can be used to show several variables simultaneously or the same variable for
different strata: - ANSWER: polygons
A _____________________ is a graphical representation of a frequency distribution.
- ANSWER: Histogram
The relationship between the variables, construction grade and neighborhood,
would best be illustrated by a: - ANSWER: Contingency table
A good way to show the distribution of qualitative variables is: - ANSWER: Cross-
tabulation
The relationship between sale price and construction quality in each of three
neighborhoods would best be illustrated by a: - ANSWER: line chart
