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Exam (elaborations)

IAAO 300 Q&A

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Exam of 13 pages for the course all summer modules studies 2024 at all summer modules studies 2024 (IAAO 300 Q&A)

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  • June 19, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • iaao 300 qa

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  • All summer modules studies 2024
  • all summer modules studies 2024
  • All summer modules studies 2024
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IAAO 300
✅✅
1) Data collection and maintenance 2) Exploratory data analysis 3) Model
development 4) Model application, review and reconciliation - -The four
components of the mass appraisal system are __________.

1) Identify the problem to be solved. 2) Determine and perform the scope of

✅✅
work necessary to develop a credible assignment. 3) Disclose the scope of
work in the report. - -The scope of work rule has three parts and they are
_______.

7- ✅✅-How many steps are in the general appraisal process?
95 - Mean - ✅✅-When data is normally distributed, (approximately a
bell-shaped curve) _____________ percent will be within two standard
deviations of the _______________.

A binary variable - ✅✅ -A corner lot; yes/no; or a swimming pool; yes/no; are
examples of what typle of variable:

A histogram - ✅✅-A logical step of dividing data into class intervals is:
✅✅
A method of grouping homogeneous groups of properties based on selected
characteristics - -Cluster analysis a method of:

Adaptive - Estimation - Procedure - ✅✅ -The trial and error process for
quantifying the relationship between dependent (sale price) and independent
variables (property characteristics) is the
_________________________________.

Additive -✅✅-MV = b0 + (b1 * X1) + (b2 * X2) + (b3 * X3) ... is known as the
__________________ model.


✅✅
Adjusting to information gained as sales are sequentially considered and
reconsidered - -Adaptive Estimation Procedure (AEP) operates by:

All of the above - Identify the problem to be solved; Determine and perform

✅✅
the scope necessary to develop creditable assignment results; Disclose the
scope of work in the report. - -An appraiser must do which of the
following for each appraisal?

, ✅✅
All of the above; Applicability to most building types; Clear, well-illustrated and
easy to use; Easy to update - -Desirables features to consider when
acquiring a cost manual is:

All of the above; Appraising unique properties; Validating cost estimates

✅✅
produced by other methods; Effective of new construction where trennd
factors are small - -As used in mass appraisal, the Trended Original Cost
Method is best used for:


✅✅
All of the above; Commercial cost services, Mass appraisal companies, State
agencies or develop in-house; based on local cost - -In acquiring a cost
manual, possible sources are:

All of the above; Cost data, Sales data, Income data - ✅✅-In data collection
and maintenance, market data involves:


✅✅
All of the above; Develop benchmark costs, Adjust for non-standard features,
Appraise unique properties - -As used in mass appraisal, the
Unit-in-Place Cost Method is best used for:

All of the above; that involves the study distances from value influence
centers, where market boundaries are less "choppy" - the "low" area, that

✅✅
requires a Geographic Information System (GIS) that can help develop a
location adjustment to be used for modeling - -In stratification and
location analyis, Location Value Response Service Analyis (LSRSA) is a
technique:

Appeal - ✅✅ -Property owners may dispute their value and this is part of the
___________________ System.

Array -✅✅ -The listing of data in order of magnitude (either ascending or
descending) is termed a/an _______________.

Assessment System, Appeal System, and Collection System - ✅✅
-The
three components of a Property Tax System are the ___________,
____________________, and __________________________.

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