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IAAO 101 QUESTIONS AND ANSWERS (100% CORRECT)
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IAAO 101 QUESTIONS AND ANSWERS (100% CORRECT)
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IAAO 101 QUESTIONS AND ANSWERS (100% CORRECT)Discovery, listing, and valuation Correct Ans - 3 basic
responsibilities of appraiser
market value Correct Ans - valuation is an estimate of the ___ ___ of
all taxable property
ad valorem Correct Ans - tax according to value
assessed value Correct Ans - other names for this include taxable
value or percentage of market value
dollars per $100, per $1000, or mills Correct Ans - ways the
nominal tax rate is expressed
tax rate * assessed value Correct Ans - formula to get tax bill
effective tax rat Correct Ans - rate expressing the ratio between the
current tax bill and the property value
real property Correct Ans - sum of tangible and intangible rights in
land and improvements
real estate Correct Ans - tangible, land and permanent
improvements
personal property Correct Ans - movable items not permanently
affixed to or part of real esate, aka personalty or chattel
Sell, Lease, Use, Give away, Enter or leave, or Refuse Correct Ans -
six basic rights associated with the ownership of property, aka bundle of
rights
Taxation, Eminent domain, Police power, Escheat Correct Ans -
governmental restrictions of property
fee simple Correct Ans - highest form of ownership of property
, value Correct Ans - present worth of future benefits arising from
the ownership of real property
utility, scarcity, desirability, effective purchasing power Correct Ans -
in order for a property to have value, it must have:
value in use Correct Ans - value of a property for a specific use
value in exchange Correct Ans - amount an informed buyer would
offer in exchange for a property under given market conditions (market
value)
appraisal Correct Ans - opinion or estimate of value, usually in
writing, of an adequately described property, as of a given date
valuation Correct Ans - process of estimating value
evaluation Correct Ans - study of nature, quality, or utility of parcel
of real estate or real property in which value estimate is not necessarily
required
principle of anticipation Correct Ans - value created by expected
future benefits from property
principle of change Correct Ans - market value is never constant,
PEGS forces shifting
principle of balance Correct Ans - highest market value reached
when uses of land are perfectly complementary, agents of production reach
equilibrium
land, labor, capital, management Correct Ans - four agents of
production
principle of competition Correct Ans - availability must be in
harmony with demand
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