Exam (elaborations)
IAAO 101 – QUESTIONS & VERIFIED ANSWERS
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IAAO 101 – QUESTIONS & VERIFIED ANSWERS
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IAAO 101 – QUESTIONS & VERIFIED ANSWERSOwnership of a property is the right to Correct Ans - Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of the above
Factors that influence DEMAND Correct Ans - Consumers taste and
preference
Consumer income
Price of related commodities
Consumer expectations
The price of the commodity
Factors that influence/effect land value Correct Ans - Physical
Economic
Governmental
Social
Basic responsibilities of an appraiser to all taxable Correct Ans -
Discovery
Listing
Valuation
Governmental restrictions on property Correct Ans - Taxable
Eminent Doman
Police Power
Escheat
Attributes of land are Correct Ans - Permanent
Unique
Finite supply
Functional
Stationary
Land that had been developed to the extent that it is ready to be built
Correct Ans - Site
, Sorting data in homogeneous groups with the primary sort being by
market area Correct Ans - Stratification
The order of adjustments in the direct sales comparison method are as
follows Correct Ans - Financing
Market conditions
Location and physical characteristics
Merging of adjacent properties into one common ownership and the unit
value does not change is Correct Ans - Assemblage
Methods of land valuation Correct Ans - Sales comparison
Allocation
Abstraction
Anticipated use or development
Capitalization of ground rent
Land residual capitalization
The combining of two or more sites creating a site that has greater utility
and an increase unit value Correct Ans - Plottage
A complete set of maps showing boundaries, parcel size, sales information,
and other relevant features Correct Ans - Cadastral Map
The practice of measuring the directions of property lines with compass
bearings and the distance with measuring chains or tapes in order to
obtain a property description. Correct Ans - Metes and Bounds
Basic units of comparison Correct Ans - Front foot
Square foot
Acre
Desirable characteristics recommended for a parcel identification system
Correct Ans - Uniqueness
Permanence
Simplicity
Ease of maintenance
Flexibility
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