Course IA

Question 1

What is “Value Comp”?

Answer 1

The comp with the least number of adjustments

Question 2

Individual assessment divided by individual sale price equals?

Answer 2

Sales Ratio

Question 3

Level of Assessment is measured using?

Answer 3

Median Ratio

Question 4

The acceptable standard for assessment bias is within a range of ______ and _______?

Answer 4

.95(95%) - 1.10(110%)

Question 5

Mean Deviation divided by Median equals?

Answer 5

C.O.D. - Coefficient of Dispersion

Question 6

The acceptable standard Level of Assessment is between ______ and ______?

Answer 6

.36(36%) - .44(44%)

Question 7

What does the P.R.D. measure?

Answer 7

Assessment Bias

Question 8

RCN-D+L= Value

Answer 8

Depreciation
+
Land Value
=
Cost Approach to Value

Question 9

Sales Ratio - Median Ratio=

Answer 9

Deviation from the Median

Question 10

What is the difference between Curable and Incurable?

Answer 10

Economic Feasibility

Question 11

The acceptable standard for uniformity is a coefficient less than ______ for RESIDENTIAL properties, and less than ______ for NON-RESIDENTIAL properties.

Answer 11

.15(15%) - .20(20%)

Question 12

What is the BASIS for adjustments?

Answer 12

Contribution

Question 13

Four methods for calculating improvement values in the cost approach?

Answer 13

Quantity Survey
Unit in Place
Square Foot/Cubic Foot
Trended Historical Cost

Question 14

RCN-D+L=Value is a formula for which approach to value?

Answer 14

Cost

Question 15

Adjustments are always made to the ______ property, never the ______ property

Answer 15

Comparable
Subject

Question 16

What is Reproduction Cost New?

Answer 16

Cost to build an EXACT REPLICA

Question 17

What is Replacement Cost New?

Answer 17

Cost the build an EQUIVALENT

Question 18

Total Assessment divided by Total Sales Price=

Answer 18

Aggregate Ratio

Question 19

What is I ÷ R x V?

Answer 19

Income divided by Rate times Value

Question 20

What is V ÷ I x M?

Answer 20

Value divided by Income times Multiplier

Question 21

What is the first step in the appraisal process?

Answer 21

Define the problem

Question 22

______ is when a reasonable customer will pay no more for a property that the cost of acquiring and equally desirable and valuable alternate property

Answer 22

Substitution

Question 23

What does the C.O.D measure?

Answer 23

Uniformity

Question 24

Where is the best place to obtain data?

Answer 24

The local market

Question 25

How do you measure a triangle?

Answer 25

1/2 base times height

Question 26

True or False: When you have a time adjusted sale price the time is not included in your count?

Answer 26

True

Question 27

What does C.I.A mean?

Answer 27

Comp Inferior Add

Question 28

What does C.B.S Mean?

Answer 28

Comp Better Subtract

Question 29

How many feet are in 1 mile?

Answer 29

5,280

Question 30

How many square feet are in an acre?

Answer 30

43,560

Question 31

How many acres are in 1 square mile?

Answer 31

640