IAAO 311 Exam Questions and Correct Answers Rated 100% Already Passed
Mass appraisal is the systematic appraisal of groups of properties as of a given date using - Answers standardized procedures and statistical testing
What characteristics does a mass appraisal require? - Answers valuation tabl...
Mass appraisal is the systematic appraisal of groups of properties as of a given date using - Answers
standardized procedures and statistical testing
What characteristics does a mass appraisal require? - Answers valuation tables, schedules, and models
Economic, social, and environmental are termed? - Answers market analysis data
Off site features and improvement data are termed? - Answers property analysis data
Selecting appropriate valuation approaches and specifying the variables to be used is called? - Answers
model specification
Developing adjustment weights from measurable supply and demand factors, including quantitative and
qualitative factors is called? - Answers model calibration
Valuation in exchange is determined by the interaction of? - Answers supply and demand
Value in exchange is? - Answers market value
A b0 is what? - Answers constant
b is what? - Answers coefficient
x is what? - Answers variable
What kind of model is a combination of multiplicative and additive? - Answers hybrid (generic) model
4 categories of market data are? - Answers PEGS, Physical/Environmental, Economic, Governmental,
Social
Building codes, planning, and zones are considered (blank) forces? - Answers Government
What is the most effective yet expensive way to collect data? - Answers personal interviews
PGI is based on what? - Answers market rent
What kind of lease does owner pay expenses? - Answers gross
What kind of lease does tenant pay expenses? - Answers net
(blank) data is also known as discrete data as it relates to features or attributes of a property. - Answers
qualitative
(blank) data is also known as continuous data and is based on measuring or counting. - Answers
quantitative
, A (blank) transformation converts a discrete variable to relative values or numerical ratings. - Answers
scalar
IAAO recommends properties to be re-inspected every (blank) years. - Answers 6 years
Scalar transformation convert discrete data to? - Answers numerical ratings
Scalar variables center on "?" in additive models. - Answers zero
Scalar variables center on "?" in multiplicative models. - Answers one
A (blank) helps evaluate what data to collect and the best way to collect them. - Answers pilot study
What is the formula for percentiles? - Answers k=(p)(n)+p
k = - Answers rank
p = - Answers percentile
n = - Answers sample
How many steps in appraisal process? - Answers 7
What is the first step in the appraisal process? - Answers Define the problem
What is the second step in the appraisal process? - Answers determine scope of work
What is the 3rd step in the appraisal process? - Answers make a preliminary analysis and plan
What is the 4th step in the appraisal process? - Answers select and collect data
What is the 5th step in the appraisal process? - Answers determine highest and best use
What is the 6th step in the appraisal process? - Answers apply appropriate approach to value
What is the 7th step in the appraisal process? - Answers reconciliation
When property characteristics affect value interactively, a ( blank) transformation captures the
interactive effects. - Answers multiplicative
The square foot area of a residence is considered (blank) data. - Answers quantitative
The condition rating of a property is considered (blank) data. - Answers qualitative
The division of one variable by another, for ex square feet by number of rooms is termed a (blank). -
Answers quotient
What shows the relationship between 2 qualitative variables? - Answers Cross Tabulations
What shows the relationship between 2 continuous variables? - Answers Scatter diagram
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