IAAO 311 Exam Questions and Answers All Correct
Question : Mass appraisal is the systematic appraisal of
groups of properties as of a given date using standardized procedures and statistical testing
CORRECT ANSWER : standardized procedures and
statistical testing
Question : What characteristics does a mass appraisal require?
CORRECT ANSWER : valuation tables, schedules, and
models
Question : Economic, social, and environmental are termed?
CORRECT ANSWER : market analysis data
Question : Off site features and improvement data are termed?
CORRECT ANSWER : property analysis data
Question : Selecting appropriate valuation approaches and
specifying the variables to be used is called?
CORRECT ANSWER : model specification
Question : Developing adjustment weights from measurable
supply and demand factors, including quantitative and qualitative factors is called?
CORRECT ANSWER : model calibration
Question : Valuation in exchange is determined by the
interaction of?
CORRECT ANSWER : supply and demand
Question : Value in exchange is?
CORRECT ANSWER : market value
Question : A b0 is what?
CORRECT ANSWER : constant
Question : b is what?
CORRECT ANSWER : coefficient
Question : x is what?
CORRECT ANSWER : variable
Question : What kind of model is a combination of
multiplicative and additive?
CORRECT ANSWER : hybrid (generic) model
Question : 4 categories of market data are?
CORRECT ANSWER : PEGS, Physical/Environmental,
Economic, Governmental, Social
Question : Building codes, planning, and zones are considered
(blank) forces?
CORRECT ANSWER : Government
Question : What is the most effective yet expensive way to
collect data?
CORRECT ANSWER : personal interviews
Question : PGI is based on what?
CORRECT ANSWER : market rent
Question : What kind of lease does owner pay expenses?
CORRECT ANSWER : gross
Question : What kind of lease does tenant pay expenses?
CORRECT ANSWER : net
Question : (blank) data is also known as discrete data as it
relates to features or attributes of a property.
CORRECT ANSWER : qualitative
Question : (blank) data is also known as continuous data and
is based on measuring or counting.
