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

2. 0.98 to 1.03

3. Regressive

4. 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