IAAO 300 Complete Course Review Latest Update Questions and Correct Answers Guaranteed Success A "Yes/No" indicates what type of variable? - Correct Answer:Binary variable
A histogram that shows data distributed normally has what shape? - Correct
Answer:Bell-Shape
A listing of data in order of magnitude (largest to smallest) is called an? - Correct
Answer:Array
Cost models are what type of model? - Correct Answer:Hybrid(Generic) Cost Model
Find the 25th Percentile given the following numbers:
1400 1460 1500 1580 1620
1700 - Correct Answer:1445
Find the 40th percentile for the following data set:
$80,000
82,600
84,000
87,100
90,000
96,000 - Correct Answer:$83,720
Find the Standard Deviation using the following numbers. Round to the nearest Whole Number.20 22 28 34
38 - Correct Answer:Standard Deviation = 7.67 or 8
Given the data set below, find the Median, COD, and PRD.
Sale Price: $125,000, 110,000, 120,000, 130,000, 125,000
Appraised Value: $130,000, 98,000, 115,000, 124,000, 119,000. - Correct
Answer:Median = 0.95; C.O.D. = 3.37%; P.R.D. = 1.00
Hybrid or generic models are reflective of which approach to value? - Correct
Answer:Cost Approach 1 / 2
If you need to work 6,000 parcels using 6 appraisers that can work 20 parcels/day.
How many days are needed to complete the project? - Correct Answer:50 days
In the Appraisal Process, "Define the valuation problem" does not include which of the
following:
- Define the Value to be developed
- Identify limiting conditions or limitations
- Date of the value
- Competitive properties
- Identify intended use and users of appraisal
f. Develop highest and best use opinion - Correct Answer:d. and f.
In the expense ratio model, what are the dependent and independent variables? - Correct Answer:Overall Expense Ratio and characteristics that explain differences in expense ratios
Making sure the square footage of a basement is not greater than the square footage
of the finished area is what type of edit? - Correct Answer:Consistency/Logic
Median = 0.82 Target = 0.95 What is the adjustment factor? - Correct Answer:1.16
Overhead and profit are examples of what type of cost? - Correct Answer:In-direct costs
Price Related Differential is a measure of what? What is the acceptable range? PRD greater than 1 meCorrect Answer:what? PRD less than 1 meCorrect Answer:what? -
Correct Answer:1. vertical equity
- 0.98 to 1.03
- Regressive
- Progressive
Supply and demand factors determine Real Estate values. Which are not supply factors?
- Building costs
- Interest Rates
- Economic Conditions
- Location
- Construction Quality
f. Condition - Correct Answer:d.,e.,and f.
The highest bar in a histogram represents what? - Correct Answer:A Common level of appraisal
The IAAO acceptable median range is what? - Correct Answer:0.90 to 1.10
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