IAAO 300 Complete Course Review Latest Update 2023/2024 Questions and Correct Answers Guaranteed Success What is the main difference between single property appraisal and mass appraisal? - Correct Answer 1.Group vs Particular 2. Mass Appraisal emphasizes standardized and statistical quality control features In the Appraisal Process, "Define the valuation problem" does not include which of the following:
- Define the Value to be developed
- Identify limiting conditions or limitations
- Date of the value
- Competitive properties
- Identify intended use and users of appraisal
- Develop highest and best use opinion - Correct Answer d. and f.
- Building costs
- Interest Rates
- Economic Conditions
- Location
- Construction Quality
- Condition - Correct Answer d.,e.,and f.
Supply and demand factors determine Real Estate values. Which are not supply factors?
Hybrid or generic models are reflective of which approach to value? - Correct Answer Cost Approach What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) - Correct Answer Simple Hybrid (Generic) Cost Model What should a reappraisal start and end with? - Correct Answer Ratio Report 1 / 2
A "Yes/No" indicates what type of variable? - Correct Answer Binary variable USPAP Standard 6 covers which type of appraisal? - Correct Answer Mass Appraisal What are the main components of a Mass Appraisal system? - Correct Answer 1. Market Data collection
- Data analysis
- Development of a model
- Application of created model
- / 2
What kind of variable takes on specific, predefined values such as "log, a-frame, split-level, ranch?" - Correct Answer Discrete If you need to work 6,000 parcels using 6 appraisers that can work 20 parcels/day. How many days are needed to complete the project? - Correct Answer 50 days Making sure the square footage of a basement is not greater than the square footage of the finished area is what type of edit? - Correct Answer Consistency/Logic A listing of data in order of magnitude (largest to smallest) is called an? - Correct Answer Array The highest bar in a histogram represents what? - Correct Answer A Common level of appraisal A histogram that shows data distributed normally has what shape? - Correct Answer Bell-Shape Find the Standard Deviation using the following numbers. Round to the nearest Whole Number.20 22 28 34 38 - Correct Answer Standard Deviation = 7.67 or 8