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IAAO Course 300 Exam With 100% Correct And Verified Answers
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IAAO Course 300 Exam With 100% Correct And Verified Answers
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IAAO Course 300 Exam With 100%Correct And Verified Answers
Scope of Work Rule - Correct Answer-1. Identify the
problem to be solved
2. Determine and perform the scope of work necessary to
develop credible assignment results
3. Disclose the scope of work in the report
Scope of work acceptability - Correct Answer-When it meets
or exceeds:
1. Expectations of parties who are regularly intended users
for similar assignments and 2. What an Appraiser's peers
actions would be in performing the same or similar
assignments
Economic Basis of Model Building - Correct Answer-Supply
factors relate to availability and thus reflect such things as
Cost, interest rates, and economic conditions. Demand
factors include characteristics to buyers, such as
construction quality, condition, and location.
Basic Cost Model Structure - Correct Answer-MV = LV +
BV
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,Basic Sales Comparison Basic Model Structure - Correct
Answer-MVs = Sc + ADJc
Basic Income Models - Correct Answer-1. NOI Model
MV = NOI / OAR
2. GI Model
MV = GI x GIM
Model Development - Correct Answer-1. Specification
2. Calibration
3. Quality Assurance
Specification - Correct Answer-What data to include in the
model and in what format
1. Additive
2. Multiplicative
3. Hybrid (generic)
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, Additive Model Structure - Correct Answer-Each of the
variables are independent from the other variables. A
change in one variable does not directly impact any other
variables
MV = ($/sqft x sqft) + ($/plumbing fixture x #fixtures) +
($/car stall x #/cars) + ...
Multiplicative Model Structure - Correct Answer-Each of
the variables are interdependent. Any change to one variable
will have an impact on all of the other variables.
Hybrid (generic) Model Structure - Correct
Answer-Combines both additive and
multiplicative model structures
Finding Net Operating Income (NOI) -
Correct Answer-1. Potential Gross Income
(PGI) 100% occupancy at market rent
(market rent is the prevailing rent in the
open market, not the rent called for in a
lease)
2. Minus Vacancy and Collection Loss (V&C) -
any money lost from units not being rented or
from people not paying rent
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