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IAAO 101 Review - Questions And Correct Answers
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IAAO 101 Review - Questions And Correct AnswersThe property tax is an ____ __________ tax, meaning it is based on value.
Correct Ans - ad valorem
The assessor is responsible for the _______, ________, and __________ of all taxable
property. Correct Ans - discovery
Listing
Valuation
The taxable location of personal property is referred to as its __________.
Correct Ans - situs
An estimate of value, usually in writing, of an adequately described property,
as of a given date, is termed ___ ___________. Correct Ans - an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived
from property tax by the total _________ ____________ of the taxing jurisdiction.
Correct Ans - budget assessed valuation
The type of value usually estimated by the assessor is __________ value.
Correct Ans - market
The _________ ________ _________ reflects the ratio between the current tax bill and
the property value. Correct Ans - effective tax rate
In order for a property to have value, it must have ______, _______, ________ and
__________ __________ _________. Correct Ans - utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable
time period is called ________ _______ _________ _________. Correct Ans -
highest and best use
The principle of __________ states that maximum value of a neighborhood is
attained when the uses of land are perfectly complementary. Correct Ans
- balance
, Which appraisal principle affirms that land cannot be valued on the basis of
one use while improvements are valued on the basis of another? Correct
Ans - Consistent use
List the four tests that the appraiser must make in the analysis of the highest
and best use. Correct Ans - Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. Correct Ans - Real estate
Property is considered ________ if it can be moved without causing any damage
or change to either the item of property or the structure to which it is
attached. Correct Ans - personal
Assessment level times the tax rate equals the _________ ______ ________.
Correct Ans - effective tax rate
____________ is the point at which the forces of supply and forces of demand
meet. Correct Ans - Equilibrium
List the two types of highest and best use analysis. Correct Ans - A. As
if vacant.
B. As if improved.
The typical life cycle of a neighborhood includes ________, ________, _______ and
___________. Correct Ans - growth
stability
decline
revitalization
What elements of the marketplace are most likely to contribute to a change in
demand? Correct Ans - Consumer tastes and preferences
Consumer income
Price of related commodities
Consumer expectations
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