Property Valuation
Iowa's mass appraisal system used by county assessors differs from a fee appraisal in that:
AMass appraisal is always more accurate than individual fee appraisals
BMass appraisal values multiple properties simultaneously using statistical models, while fee appraisals value individual properties through a detailed analysis✓ Correct
CMass appraisal is performed by IREC-licensed agents
DFee appraisals are used only for tax purposes
Explanation
Mass appraisal uses statistical and computer-assisted valuation methods to value large numbers of properties simultaneously for ad valorem tax purposes. Fee appraisals (USPAP-compliant) provide individual, detailed analysis of specific properties for specific purposes.
Related Iowa Property Valuation Questions
- The principle of anticipation in Iowa appraisal holds that:
- When using the sales comparison approach, an appraiser makes adjustments to comparable sales prices because:
- The principle of substitution in Iowa appraisal states that:
- Iowa's 'effective gross income multiplier' (EGIM) in income property analysis is calculated as:
- Which Iowa property type would most likely be appraised using the income approach?
- Highest and best use in Iowa appraisal practice is defined as the use that is:
- When Iowa agricultural land is appraised, the appraiser must consider which factor unique to farmland?
- Which of the following is an example of physical (curable) depreciation?
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