IAAO Course 300 Exams Questions and Correct Answers 100% Verified Mass appraisal - Correct Answer Systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing.Purpose of mass appraisal - Correct Answer Equitable and efficient appraisal of all property in a jurisdiction for ad valorem tax purposes.When did first generation computers emerge? - Correct Answer The 1950s Mass appraisal models may be: - Correct Answer Physical, conceptual or mathematical.Property valuation models seek to explain or predict what? - Correct Answer The market value of properties from real estate data.Supply factors: - Correct Answer Building costs, interest rates and economic conditions.
Demand factors: - Correct Answer Location, condition and construction quality
Cost approach models require estimates of: - Correct Answer Land values, is if vacant; reproduction or replacement cost new of all improvements and all accrued depreciation.Sales comparison approach models require: - Correct Answer A verified sales database and contributory value components.Income approach models require: - Correct Answer Net operating incomes and capitalization rates for similar use properties.
Basic steps in model building: - Correct Answer Specification and calibration.
Model specification - Correct Answer Defining the form of the model. 1 / 2
Model calibration - Correct Answer Determining the rates used in the model.Model structures: - Correct Answer Additive, multiplicative or hybrid (generic).Components of a mass appraisal system: - Correct Answer Data management system, sales analysis system, valuation system and administrative system.Data management system: - Correct Answer Collection, entry and editing, conversion, storage and security.Sales analysis system: - Correct Answer Data collection, screening and processing, sales ratio studies and sales reports.Valuation system: - Correct Answer Sales comparison approach, cost approach, income approach, review and reconciliation.Administrative system: - Correct Answer Budgeting, scheduling, planning, inquiry, analysis, reporting, assessment roll / notices, forms, wordprocessing and record cards.Requirements of a mass appraisal system: - Correct Answer Three primary files: (Parcel, property characteristics and sales file) and methods of updating files: (Batch data entry and online data entry)
Batch data entry: - Correct Answer Hold file
Online data entry: - Correct Answer Live file
Steps in reappraisal: - Correct Answer Performance analysis (ratio study) reappraisal decision, analysis of available resources, planning and organizing, system development procedures, data collection, system implementation, valuation, preparation of assessment roll and final performance analysis (ratio study).Data accuracy is determined by: - Correct Answer The quality and quantity of the data.
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