IAAO 300 COMPLETE COURSE REVIEW LATEST EXAM 250 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
IAAO 300 COMPLETE COURSE REVIEW LATEST 2023-
2024 EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ANSWERS) |ALREADY GRADED A+
Making sure the square footage of a basement is not greater than the
square footage of the finished area is what type of edit? – ANSWERConsistency/Logic
A listing of data in order of magnitude (largest to smallest) is called an?
- ANSWER- Array
The highest bar in a histogram represents what? – ANSWER- A
Common level of appraisal
A histogram that shows data distributed normally has what shape? –
ANSWER- Bell-Shape
Find the Standard Deviation using the following numbers. Round to the
nearest Whole Number.
20
22
28
34
38 – ANSWER- Standard Deviation = 7.67 or 8
Find the 25th Percentile given the following numbers:
1400
1460
1500
1580
1620
1700 – ANSWER- 1445
What is the best way to display the relationship between SFLA and Sale
Price? – ANSWER- Scatter diagram
What is the best way to display the relationship between average sale
price and construction class in three different Neighborhoods? –
ANSWER- Contingency Table
What is the most common measure of central tendency? – ANSWERMean
What is the best way to display the distribution of continuous and
discrete variables? – ANSWER- Box Plot
What expresses the Standard Deviation as a percentage? – ANSWERCoefficient of Variation or C.O.V.
What type of sales are preferred in sales ratio studies? – ANSWERSingle Parcel sales
When confirming sales to be used, adjustments may need to be made.
What is a typical adjustment? – ANSWER- Time Adjustment/Market
Adjustment
Which data analysis tool is helpful to identify outliers and extreme
outliers? – ANSWER- Box plots
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. –
ANSWER- Median = 0.95; C.O.D. = 3.37%; P.R.D. = 1.00
To evaluate vertical equity (PRD) graphically, what else is needed
besides sales ratios? – ANSWER- Values; Sales Prices/Appraised Value
What is the current RCN given the following information?
Original Cost: $260,000
Square Feet: 6,000
Index at time of construction: 180
Current Index: 220 – ANSWER- RCN = $260,000 x 1.22 = $317,200
Where can cost tables and schedules be obtained from? – ANSWERMarshall & Swift, state agencies, in-house
What is the most common costing method? – ANSWER- Comparative
Unit per Square Foot
Price Related Differential is a measure of what? What is the acceptable
range? PRD greater than 1 means what? PRD less than 1 means what? –
ANSWER- 1. vertical equity
- 0.98 to 1.03
- Regressive
- Progressive
Overhead and profit are examples of what type of cost? – ANSWER- Indirect costs
What is the most detailed cost estimation method? – ANSWERQuantity Survey
Cost models are what type of model? – ANSWER- Hybrid(Generic)
Cost Model
Trending using medians would be done by dividing the target median by
the actual median. True or False – ANSWER- True
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