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A comprehensive set of questions and answers covering key concepts in real estate appraisal, particularly focusing on the iaao 331 exam. It delves into topics such as market analysis, valuation models, data collection, and depreciation, offering insights into the principles and practices of real estate appraisal.
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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. PRD should be between? - ANS-.98 - 1. 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
As prices increase, the quantity supplied will generally - ANS-increase Rising prices lead to decreased? - ANS-demand "Effective demand" is what? - ANS-money someone actually has to spend not desire to spend An anticipated increase in interest rates tend to? - ANS-increase demand What is not a determinant of supply? existing inventory, future expectations, price, or economic growth? - ANS-economic growth Real property transfer documents are NOT acceptable as a primary source of sales data. True or False? - ANS-True What type of data lends themselves well to modeling where the model objectively estimates the contributory value of the feature? - ANS-binary "Finished Basements Living Space" greater than ground floor living area is what kind of edit? - ANS-Consistency Market areas and NBHDS have 3 economic stages. What are they? - ANS-Growth, Stability, and Decline Qualitative adjustment relates to? - ANS-multiplicative or factor adjustments Quantitative adjustments relates to? - ANS-additive or dollar adjustmnet GQ is? - ANS-general qualitative factors (nbhd adjustment) LQ is? - ANS-land qualitative factor (topo,shape) LA is? - ANS-Land additive component BQ is? - ANS-building qualitative factors (design,quality) BA is? - ANS-Building additive(living area,bath,basement) Market adjustment factors often take the form of? - ANS-NBHD factors What are the value methods for land values? - ANS-Direct Sales Comparison, Abstraction, Allocation Price is determined by the intersection of? - ANS-supply and demand
What helps combine subdivisions into NBHDs? - ANS-a cluster analysis Fiscal policy affects? - ANS-jobs, incomes, and buying power Monetary policy affects? - ANS-interest rates and the availability of credit Economic contraction does what to supply or demand? - ANS-reduces demand Data quality review, time and market trends and highest and best use analysis are all part of? - ANS-Exploratory data analysis In a(n) market, suppliers receive a fair profit and buyers pay a fair price? - ANS-Efficient market What models work best for land models? - ANS-multiplicative Decomposable land valuation models can? - ANS-incorporate vacant and improved sales Which method of replacement cost is most common? - ANS-comparative unit Which method of replacement cost is most accurate? - ANS-quantity survey method What is an advantage for using cost manuals? - ANS-cost is relatively low Depreciation reflects what side of the market? - ANS-Demand Depreciation is a function of? - ANS-effective age Formula for mktadjfactor =? - ANS-target level divided by current level What is [SP - (LV + OV) / RCN? - ANS-Building Residual Depreciation Social factors affect the ??? side of the market? - ANS-Demand Size adjustment factors are determined by? - ANS-dividing cost per unit for a building of base size