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1
IAAO 201 Questions and Answers (100%
Correct Answers) Already Graded A+
What are the four tests for Highest & Best Use analysis? Ans: Legally
permissible; Physically possible; Financially feasible; Maximally
productive.
How is "Highest & Best Use" defined? Ans: The use that produces the
© 2026 Assignment Expert
greatest economic net return to the property over a reasonable
period, tested "as though vacant" and "as improved."
Guru01 - Stuvia
What are the four agents of production in real estate value? Ans: Land;
Labor; Capital; Management.
Name three characteristics of assessment (cadastral) maps. Ans: They
show parcel boundaries and ownership; display size/location of each
parcel relative to others; include title, publication data, legend,
explanatory notes, and scale.
What are the main steps in the Sales Comparison Approach to land
valuation? Ans: 1) Gather sales info on comparables, 2) Verify sales, 3)
Select appropriate comparables, 4) Adjust comparables for differences,
5) Reconcile to determine subject value.
What are the three primary adjustment techniques for comparables?
Ans: Lump-sum dollar adjustments; Net percentage adjustments;
Cumulative percentage adjustments.
1
IAAO 201 Questions and Answers (100%
Correct Answers) Already Graded A+
What are the four tests for Highest & Best Use analysis? Ans: Legally
permissible; Physically possible; Financially feasible; Maximally
productive.
How is "Highest & Best Use" defined? Ans: The use that produces the
© 2026 Assignment Expert
greatest economic net return to the property over a reasonable
period, tested "as though vacant" and "as improved."
Guru01 - Stuvia
What are the four agents of production in real estate value? Ans: Land;
Labor; Capital; Management.
Name three characteristics of assessment (cadastral) maps. Ans: They
show parcel boundaries and ownership; display size/location of each
parcel relative to others; include title, publication data, legend,
explanatory notes, and scale.
What are the main steps in the Sales Comparison Approach to land
valuation? Ans: 1) Gather sales info on comparables, 2) Verify sales, 3)
Select appropriate comparables, 4) Adjust comparables for differences,
5) Reconcile to determine subject value.
What are the three primary adjustment techniques for comparables?
Ans: Lump-sum dollar adjustments; Net percentage adjustments;
Cumulative percentage adjustments.
