IAAO 300: Complete Course Review Questions and

IAAO 300: Complete Course Review Questions and

Answers 100% Pass 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.

Supply and demand factors determine Real Estate values. Which are not supply factors?

• Building costs
• Interest Rates
• Economic Conditions
• Location
• Construction Quality
• Condition - Correct Answer d.,e.,and f.

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 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

What kind of variable takes on specific, predefined values such as "log, a-frame, split- level, ranch?" - Correct Answer Discrete 1 / 2

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

Find the 25th Percentile given the following numbers:

1400 1460 1500 1580 1620 1700 - Correct Answer 1445 What is the best way to display the relationship between SFLA and Sale Price? - Correct Answer Scatter diagram What is the best way to display the relationship between average sale price and construction class in three different Neighborhoods? - Correct Answer Contingency Table What is the most common measure of central tendency? - Correct Answer Mean What is the best way to display the distribution of continuous and discrete variables? - Correct Answer Box Plot What expresses the Standard Deviation as a percentage? - Correct Answer Coefficient of Variation or C.O.V.

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