IAAO 331 Exam Questions and Answers
Planning should begin with? - ANS-Analysis of current situation
Highest and best use can be constrained by? - ANS-Zoning
What range should subjective data be in? - ANS-at least 90%
Which model structure are variables interactive? - ANS-multiplicative
Which model structure is adept at calibrating curves and economy of scale factors? -
ANS-multiplicative
Cost models tend represent what model structure? - ANS-hybrid
The combination of a variable and its associated coefficient is called a(n)? - ANS-term
A market requires? - ANS-many sellers
An increase in interest rates tends to? - ANS-decrease supply
What levels of appraisal should values should be assessed? - ANS-.90 - 1.10
PRD should be between? - ANS-.98 - 1.03
Standard 5 of USPAP establishes? - ANS-requirements for developing mass appraisal
Standard 6 of USPAP establishes? - ANS-requirements for appraisals developed using
mass appraisal procedures
Mass appraisal models can be? - ANS-valuation tables, schedules, and formula
Models are representations of how a thing or process works, they can be? - ANS-they
can be schematics, blueprints, equations, or other representations
What model is the simplest and easiest to calibrate when doing a statistical analysis? -
ANS-additive
What model are adept at calibrating curves (e.g., economy-of-scale factors) and making
percentage adjustments? - ANS-multiplicative
What models are the most flexible? - ANS-hybrid
