IAAO 151 EXAM WITHCORRECT
QUESTIONS AND ANSWERS 2025
o Appraisal - CORRECT-ANSWERSThe act or process of developing an opinion of value
o Appraisal Practice - CORRECT-ANSWERSValuation services performed by an
individual acting as an appraiser, including but not limited to appraisal and appraisal
review
o Appraisal Review - CORRECT-ANSWERSThe act or process of developing an opinion
about the quality of another appraisers work
o Appraiser - CORRECT-ANSWERSOne who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
o *Appraiser's Peers - CORRECT-ANSWERSOther appraisers who have expertise and
competency in a similar type of assignment.
o Assignment - CORRECT-ANSWERSA valuation service that is provided by an appraiser
As a consequence of an agreement with a client.
o Assignment conditions - CORRECT-ANSWERSAssumptions, extraordinary
assumptions, hypothetical conditions, law and regulations, jurisdictional exceptions, and
other conditions that affect the scope of work.
o Assignment elements - CORRECT-ANSWERSSpecific information needed to identify
the appraisal or appraisal review problem: client and any other intended users; intended
use of the appraisers opinion and conclusion; type in definition of value; effective date of
the appraisers opinion and conclusions; subject of the assignment and it's relevant
Characteristics; and assignment conditions.
QUESTIONS AND ANSWERS 2025
o Appraisal - CORRECT-ANSWERSThe act or process of developing an opinion of value
o Appraisal Practice - CORRECT-ANSWERSValuation services performed by an
individual acting as an appraiser, including but not limited to appraisal and appraisal
review
o Appraisal Review - CORRECT-ANSWERSThe act or process of developing an opinion
about the quality of another appraisers work
o Appraiser - CORRECT-ANSWERSOne who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
o *Appraiser's Peers - CORRECT-ANSWERSOther appraisers who have expertise and
competency in a similar type of assignment.
o Assignment - CORRECT-ANSWERSA valuation service that is provided by an appraiser
As a consequence of an agreement with a client.
o Assignment conditions - CORRECT-ANSWERSAssumptions, extraordinary
assumptions, hypothetical conditions, law and regulations, jurisdictional exceptions, and
other conditions that affect the scope of work.
o Assignment elements - CORRECT-ANSWERSSpecific information needed to identify
the appraisal or appraisal review problem: client and any other intended users; intended
use of the appraisers opinion and conclusion; type in definition of value; effective date of
the appraisers opinion and conclusions; subject of the assignment and it's relevant
Characteristics; and assignment conditions.
