IAAO Fundamentals of Real Property Appraisal (101) 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 400

In the context of appraisal, what does "data verification" primarily involve?

Reviewing local ordinances

Confirming the accuracy of collected data

Data verification in appraisal primarily involves confirming the accuracy of the collected information about a property. This process ensures that the data used in the appraisal is reliable, accurate, and relevant to the value estimation. It is crucial for appraisers to verify details such as property size, location, recent sales, and comparable properties to ensure that their analysis reflects the true market conditions and property characteristics.

This task is fundamental because inaccurate data can lead to erroneous appraisals, which impact stakeholders like buyers, sellers, and lenders. Through methods such as cross-referencing with public records or consulting multiple sources, appraisers ensure the integrity of the data being used, which forms the basis of their conclusions about value.

Get further explanation with Examzify DeepDiveBeta

Assessing property condition

Calculating depreciation rates

Next Question

Report this question

Download IAAO Fundamentals of Real Property Appraisal (101) 2025 – 400 Free Practice Questions to Pass the Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy