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IAAO 300 course exams questions with correct answers
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IAAO 300 course exams questions with correct answers
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IAAO 300 course exams questions withcorrect answers
The definition of mass appraisal is the systematic appraisal of groups of properties, as
of a given date, using standardized procedures and _____ CORRECT ANSWERS
statistical testing
Building costs, economic conditions and interest rates are ______ factors CORRECT
ANSWERS supply
Location, condition, and construction quality are______ Factors CORRECT ANSWERS
demand
______ involves the determination of what data to include in the model and in what
format. CORRECT ANSWERS Model specification
Determining the rates used in a model, such as adjusting formulas, tables or schedules
to the current market is known as CORRECT ANSWERS model calibration
Property valuation models seek to explain or predict the CORRECT ANSWERS market
value
A _______ should be conducted to measure and evaluate the accuracy and uniformity
of new values CORRECT ANSWERS ratio study
The four components of the mass appraisal system are CORRECT ANSWERS a. Data
Collection and Maintenance
b. Exploratory Data Analysis
c. Model Development
d. Model Application, Review, and Reconciliation
Qualitative items that have three or more predefined values e.g. (topography: level,
rolling or steep) are known as _____ data CORRECT ANSWERS discrete
A ___________ edit makes certain that the number of bedrooms does not exceed the
total room count or the square footage of the basement is not greater than the square
footage of the finished area CORRECT ANSWERS consistency
______ data are items where the proper value is a matter of judgment and more difficult
to verify CORRECT ANSWERS Subjective
The listing of data in order of magnitude (either ascending or descending) is termed
a/an CORRECT ANSWERS array
, The charting of a frequency distribution using a _______ illustrates the extent to which
sales ratios are in a normal (bell-shaped) distribution CORRECT ANSWERS histogram
List five common measures of dispersion CORRECT ANSWERS a. Range
b. Quartiles
c. Percentiles
d. Standard deviation
e. Coefficient of variation
__________ show the distribution of values for two binary or discrete variables.
CORRECT ANSWERS Crosstabulations
______ show the relationship between two quantitative variables with the dependent
variable placed on the vertical axis and the independent variable placed on the
horizontal axis. CORRECT ANSWERS Scatter diagrams
A ______ can be used to show several variables simultaneously, or the same variable
for different strata. CORRECT ANSWERS polygon
_________compare statistics (usually measures of central tendency) by strata, for
example, average sale price by neighborhood. CORRECT ANSWERS Breakdowns
Interpretation of the ___________ as a measure of spread or dispersion depends on
the data being "normally distributed" (approximating a bell-shaped curve). CORRECT
ANSWERS standard deviation
The _____ of _______ expresses the standard deviation as a percentage of the mean.
CORRECT ANSWERS coefficient of variation
Cases beyond the whiskers in box plots are_____ and _____ CORRECT ANSWERS
extremes and outliers.
A __________ shows the number of ratios falling within specified intervals and reveals
patterns and trends of a sample CORRECT ANSWERS frequency distribution
A ___________ is a graph showing the relationship between an independent variable
and a dependent variable. CORRECT ANSWERS scatter diagram
The ___________ is the most common measure of appraisal uniformity. CORRECT
ANSWERS coefficient of dispersion
The ___-___________ is a measure of vertical equity in that it looks at the equity in
appraisal of low-value and high-value parcels. CORRECT ANSWERS price-related
differential
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