IAAO 300

Question 1

The systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing

Answer 1

Mass Appraisal

Question 2

Building Costs, Interest Rates and Economic Conditions

Answer 2

Supply Factors

Question 3

Location, Condition, and Construction Quality

Answer 3

Demand Factors

Question 4

Cost Data used to calibrate replacement costs and Sales Data used to calibrate land values and depreciation

Answer 4

Cost Approach

Question 5

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

Answer 5

A Model

Question 6

Supply and Demand factors effect…

Answer 6

Real Estate Prices

Question 7

The determination of what data to include in the model and in what format.

Answer 7

Model Specification

Question 8

The valuation of a particular property as of a given date.

Answer 8

Single Property Appraisal

Question 9

USPAP Standard 6 applies to….

Answer 9

Mass Appraisal

Question 10

Methods of evaluating data accuracy.

Answer 10

Field Study, Ratio Study, and Pilot Study

Question 11

Data that can take on any value in a range.

Answer 11

Continuous Data (quantitative)

Question 12

Data that has three or more predefined values.

Answer 12

Discrete Data (qualitative)

Question 13

Data that can take one of two values (yes/no, 1/0)

Answer 13

Binary Data (qualitative)

Question 14

Objective data that can be counted or measured and easily verified. Two data collectors should arrive at the same value.

Answer 14

Quantitative

Question 15

Ordinal Variables that convey information about a presumed rank such as poor, average, good, better or best

Answer 15

Qualitative (subjective)

Question 16

Nominal Variables may be numeric or alphabetic in form but convey nothing about rank or worth

Answer 16

Qualitative (subjective)

Question 17

Three Model structures. (formulas)

Answer 17

Additive, Multiplicative, and Hybrid

Question 18

Formula for Cost Approach

Answer 18

MV = LV + BV

Question 19

Three Valuation approaches.

Answer 19

Cost Approach, Sales Comparison Approach and Income Approach

Question 20

Three steps in Model Building

Answer 20

Model Specification, Model Calibration, and Model Structure

Question 21

Which Model determines what data to include and in what format

Answer 21

Model Specification

Question 22

Model Structure can be either

Answer 22

Additive, Multiplicative, or Hybrid.

Question 23

The Scope of Work Rule has three parts and they are…

Answer 23

1. Identify the problem to be solved. 2. Determine and perform the scope or work necessary to develop credible assignment results 3. Disclose the scope of work in the report.

Question 24

Income Model

Answer 24

MV= I / R Market Value = Income / Rate I/V*R

Question 25

Sales Data, Income, Expense Data, and Cost Data are all

Answer 25

Market Data

Question 26

Location Data, Land/Site Data, and Building Data are...

Answer 26

Property Attributes

Question 27

Data quality review, Data distributions, Market patterns and relationships and Time trends are part of the

Answer 27

Exploratory Data Analysis

Question 28

Determines the value of characteristics variables

Answer 28

Calibration

Question 29

All reappraisals start and end with what Study

Answer 29

Ratio Study

Question 30

Sample of data tested to see if the model is going to work

Answer 30

Pilot Study

Question 31

The Three components of a Property Tax System are

Answer 31

Assessment System, Appeal System and Collection System.

Question 32

What study should be conducted to measure and evaluate the accuracy and uniformity of new values.

Answer 32

Ratio Study

Question 33

The Four components of the mass appraisal system are...

Answer 33

Data Collection and Maintenance, Exploratory Data Analysis, Model Development, and Model Application, Review and Reconciliation

Question 34

Sales Comparison Equation

Answer 34

MV = Sc +/- ADJc

Question 35

Qualitative items that have three or more predefined values e.g. (topography: level, rolling or steep) are known as

Answer 35

Discrete data

Question 36

Two types of Data Edits

Answer 36

Range Edits (predefined range) and Consistency Edits (does it make sense with the rest of the data).

Question 37

Graphical scheduling technique where output on one axis and units of time are shown on the other axis.

Answer 37

Gantt Chart

Question 38

Time formula

Answer 38

T = P / (R x S) Time = Parcels / (production rate x staff)

Question 39

This study can hep indicate the quality of existing data by showing uniformity.

Answer 39

Ratio Study

Question 40

Listing of data in order of magnitude (either ascending or descending.)

Answer 40

Array | Useful for small data sets

Question 41

Midpoint of the data that is not affected by extreme values

Answer 41

Median

Question 42

Sum of all values, and dividing that sum by the number of values. This can be effected by outliers.

Answer 42

Mean (also known as average)

Question 43

One variable Chart that shows the distribution of ratios and appraisal accuracy. Can be either continuous or discrete data.

Answer 43

Histogram or Bar Chart

Question 44

Values that divide a set of data into four equal parts when the data are arrayed in ascending order

Answer 44

Quartiles

Question 45

Values that divide a set of data in specified percentages when data is arrayed in ascending order.

Answer 45

Percentiles

Question 46

Formula to find the rank location in either the quartile or percentile

Answer 46

k = (p)(n) + p

Question 47

Minimum, Maximum, and Range, Quartiles, and Percentiles show

Answer 47

Measures of Dispersion

Question 48

What table shows the distribution of values for two binary or discrete variables

Answer 48

Cross Tabulations

Question 49

What Diagram has quantitative data and the dependent variable shown on the vertical (y) axis and the independent variable shown on the horizontal (x) axis?

Answer 49

Scatter Diagram

Question 50

What chart plots statistics for one variable against the values of another variable? (2 variables)

Answer 50

Polygon (line) Chart

Question 51

What plot shows distribution of continuous and discrete variables?

Answer 51

Box Plot

Question 52

What Diagram requires a the aid of a computer?

Answer 52

3-D diagram.

Question 53

This table shows how a single response variable (dependent and quantitative) varies with changes with two control (independent qualitative binary or discrete) variables

Answer 53

Contingency Table

Question 54

What expresses the standard deviation as a percentage of the mean?

Answer 54

Coefficient of variation SD / mean x 100

Question 55

The charting of a frequency distribution using a ___________ illustrates the extent to which sales ratios are in a normal (bell shaped) distribution

Answer 55

histogram (bar chart)

Question 56

Measure of central tendency, not effected by extreme outliers, provides an unbiased estimate of population

Answer 56

Median

Question 57

Average ratio, easy to compute, reflects the impact of all ratios including outliers and is directly impacted by extreme outliers.

Answer 57

Mean

Question 58

PRD

Answer 58

Price-Related Differential

Question 59

Shows the number of ratios falling within specified intervals, and also reveal patterns and trends of a sample

Answer 59

Frequency Distribution

Question 60

What graph shows the relationship between an independent variable and a dependent variable?

Answer 60

Scatter Chart

Question 61

What chart can accommodate multiple data set on the same graph

Answer 61

Polygon or Line Chart

Question 62

The midpoint or the middle ratio when ratios are arrayed.

Answer 62

Median

Question 63

The most common measure of appraisal uniformity.

Answer 63

COD

Question 64

The measure of vertical equity in that it looks at the equity in appraisal of low-value and high-value parcels.

Answer 64

PRD