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IAAO 300 > Iaao > Flashcards

Iaao Flashcards

0
Q

Supply factors

A

Building costs
Interest rates
Economic conditions

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1
Q

Mass appraisal uspap standard #?

A

6

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2
Q

A physical, conceptual, or mathematical representation of how something works

A

Model

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3
Q

Income model structure

A

I\R=V

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4
Q

Basic steps of model Building

A

Specification
Calibration
Structure

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5
Q

Model specification

A

What to include in what format

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6
Q

Model calibration

A

Development of variation schedules, formulas, tables

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7
Q

Model structure

A

Additive
Multiplicative
Hybrid

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8
Q

Hybrid additive cost model

A

MV=GQx((PlxLSIZE)+(PBxBSIZE))

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9
Q

Basic sales comparison approach

A

MVs=Sc+ADJc

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10
Q

General appraisal process 7 steps

A 
Define valuation problem
Determine scope of work
Preliminary analysis and plan
Select and collect data
Determine highest and best use
Apply appropriate valuation approaches
Reconcile and report opinion of value
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11
Q

Demand LCQ

A

Location
Condition
Quality of construction

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12
Q

Supply BIE

A

Building costs
Interest rates
Economic conditions

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13
Q

Exploratory data analysis-DDMT

A

Data quality review
Data distributions
Market patterns and relationships
Time trends

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14
Q

Model development

A

Specification
Calibration
Quality assurance

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15
Q

Model ARR

A

Application
Review and reconciliation
Final value determination

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16
Q

Batch data entry

A

Held in temporary file until uploaded

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17
Q

Start and end with

A

Ratio study

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18
Q

Binary variable

A

Quant-Yes or no. (0,1)
Qual-nom-swimming pool
Qual-ord-view of mountains

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19
Q

Discrete variable

A

Qualitative items that have 3 or more predefined values

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20
Q

Range edit

A

Sq ft 400-9000

Yr blt

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21
Q

Consistency edit

A

Lot area > gfla

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22
Q

Convey information about presumed rank

A

Ordinal values

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23
Q

May be alphabetic or numerical but convey nothing about rank

A

Nominal vslues

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24
Q

Data inventory manuals describe

A

How to collect and code data

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25
Q

The completeness of the available data

A

Quantity

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26
Q

Standard deviation

A

Find mean
Subtract and square differences
Sum and divide by n-1
Find sq rt

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27
Q

COV

A

Divide SD by mean

Multiply by 100

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28
Q

Dependent is on which axis?

A

vertical

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29
Q

Independent variable on which axis?

A

Horizontal

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30
Q

Polygon chart aka

A

Line

Can show multiple variables

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31
Q

Chart a frequency distribution using a

A

Histogram

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32
Q

5 measures of dispersion PQRSC

A 
Percentiles
Quartiles
Range
Standard deviation
COV
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33
Q

Shows the distribution of values for two binary or discrete variables

A

Cross tabulations

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34
Q

A ____can be used to show several variables simultaneously

A

Polygon

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35
Q

_____ compare statistics by strata, like av sale price by nhbd

A

Breakdowns

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36
Q

______ show summary stats for dep variable by combo of 2 ind variables. Av sale price per sq ft by grade and nhbd

A

Contingency table

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37
Q

Three components of property tax system

A

Assessment, appeal, collection

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38
Q

4 components of mass appraisal system-DEMM

A

Data collection
Exploratory data analysis
Model development
Model application review and reconciliation

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39
Q

Three methods to evaluate data adequacy

A

Field
Ratio
Pilot

40
Q

Multiple parcels should/should not be auto excluded

A

Not

41
Q

1,2,3 SD

A

68,95,99

42
Q

COV is SD divided by

A

Mean ratio

43
Q

PRD LOW=POOR

A

PRO

44
Q

PRD HIGH=RICH

A

REGRESSIVE

45
Q

PRD FORMULA

A

Mean/weighted mean

46
Q

____ or line charts can accommodate multiple data sets on the same graph

A

Polygon

47
Q

Direct costs

A

Materials
Labor
Supervision
Building permits

48
Q

Indirect costs

A 
Arch. And eng. fees
Insurance
Interest
Taxes during construction
Marketing
49
Q

Most common method in mass appraisal cost approach

A

Comparative unit

50
Q

Obtaining sales data 3 diff ways

A

Mail
Telephone
Interview

51
Q

Most common measure of appraisal uniformity

A

COD

52
Q

A measure of vertical equity

A

PRD

53
Q

Iaao standard level of appraisal between

A

90-110

54
Q

______ should contain replacement cost tables, depr sched, guidelines

A

Cost manuals

55
Q

Deprec sched must be derived from the

A

Market

56
Q

Floors and roofing are examples of ____ cost components

A

Horizontal

57
Q

Quantity survey requires

A

Detailed knowledge

58
Q

Competitive unit costs are expressed on a per _____ basis

A

Sq ft

59
Q

A good way to show the distribution of qualitative variables is

A

Cross tabulation

60
Q

Relationship between 2 quantitative variables

A

Scatter diagram

61
Q

2 binary or discrete variables

A

Cross tab

62
Q

Cod based on

A

Median

63
Q

Cov based on

A

Mean

64
Q

Market value is constant+property featuresxdollar rates

A

Additive model

65
Q

Market value is base rate x adj factors

A

Multiplicative

66
Q

Market is parts of additive and multiplicative

A

Generic hybrid

67
Q

Strengths of mra

A

Based on sales
No land value
Effective software

68
Q

Limitations of mra

A

Requires accurate data and sales

Cannot directly calibrate the hybrid generic models

69
Q

3 approaches to stratification and location analysis

A

Geographic stratification
Cluster analysis
Global model w location adjustments

70
Q

_____ analysis can be very effective for homogeneous properties

A

Per unit value

71
Q

Estimating unknown data based on known is

A

Mra

72
Q

Mv=b0

A

Additive

73
Q

Broad geographic areas with similar economic influences

A

Market areas

74
Q

Group similar subdivisions and neighborhoods

A

Cluster

75
Q

Trial and error process

A

AEP

76
Q

The systematic appraisal of groups of properties using standard procedures and statistical testing

A

Mass appraisal

77
Q

Bo constant

A

Additive

78
Q

GQ

A

Generic hybrid

79
Q

Base rate

A

Multiplicative

80
Q

MV=I/R

A

MV=NOI/OAR

81
Q

Data collection and maintenance-market data

A

Sales data
Income and expense
Cost

82
Q

Histogram/bar chart how many variables

A

1

83
Q

Percentile formula

A

K=kn+p

84
Q

Cross tabulations how many variables

A

2 variables

85
Q

Line chart has multiple

A

Variables

86
Q

Divide appraisal value by

A

Sales price

87
Q

Calculating COD

A 
Find median
Calculate absolute deviation
Sum differences
Divide by # of sales
Divide by median
88
Q

Cost table sources. SMIC

A

Commercial cost services
Mass appraisal companies
State agencies
In house

89
Q

Unit in place cost method

A

Estimate costs of each component
Horizontal-floors, roofing
Vertical-walls

90
Q

Iterative trial and error process

A

AEP

91
Q

Automated comparable sales analysis

A

Computerized algorithm selects most comparable sales

92
Q

Limitation of comparable sales method

A

Values may be choppy

93
Q

Cluster analysis identifies ____ groups of properties

A

Homogeneous

94
Q

Lvrsa

A

Find and computing distances from value influence centers

95
Q

Data collection must be ____ and _____ to ensure quality control

A

Edited tested

96
Q

The dep variable in gross income models should be

A

Gross income per unit

97
Q

Ind variables in gross income models should be

A

Property characteristics

98
Q

Most common stratification in mass modeling

A

Geographic

IAAO 300 (1 decks)

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