Iaao 300: Complete Course Review Study Guide Questions And Correct Answers

Making sure the square footage of a basement is not greater than the square footage of the finished area is what type of edit? {Ans: Consistency/Logic}What are the main components of a Mass Appraisal system? {Ans: 1. Market Data collection 2. Data analysis 3. Development of a model 4. Application of created model}Cost models are what type of model? {Ans: Hybrid(Generic) Cost Model}Trending using medians would be done by dividing the target median by the actual median. True or False {Ans: True}What modeling process adjusts to information gained as sales are sequentially considered and reconsidered? {Ans: Feedback or AEP}What is V = GI x GIM? {Ans: Gross Income Model}The IAAO acceptable median range is what? {Ans: 0.90 to 1.10}What type of sales are preferred in sales ratio studies? {Ans: Single Parcel sales}What kind of variable takes on specific, predefined values such as "log, a-frame, split-level, ranch?" {Ans: Discrete}What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) {Ans: Simple Hybrid (Generic) Cost Model}What type of analysis handles proximity and location influences? {Ans: Global Analysis}What is the main advantage of the automated sales algorithm?