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IAAO 101 – QUESTIONS & ANSWERS (100% ACCURATE)
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IAAO 101 – QUESTIONS & ANSWERS (100% ACCURATE)
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IAAO 101 – QUESTIONS & ANSWERS (100% ACCURATE)Basic responsibilities of tax assessors Correct Ans - Discover, List,
and Value
What are the rights of ownership? Bundle of rights Correct Ans -
Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything.
(S.L.U.G.E.R.)
What are the Government restrictions placed on bundle of rights?
Correct Ans - T.E.P.E. Taxation, Eminent domain, police power, escheat
In order for a property to have value, it must have? Correct Ans -
Utility, scarcity, desirability, and purchasing power.
Anticipation Correct Ans - Present worth of future benefits.
Balance Correct Ans - Maximum value is obtained when the four
agents of production attain a state of equilibrium.
Change Correct Ans - The tendency of social economic forces
affecting supply and demand to shift over time
Competition Correct Ans - Availability must be in harmony with
demand. If one or the other is in excess, prices will increase or decrease.
Conformity Correct Ans - The value of property depends, in part,
on its relationship to its surroundings.
Consistent Use Correct Ans - Market value of a property tends to be
set by the cost of acquiring an equally desirable and valuable property.
Contribution Correct Ans - The value for a component of property
depends on its contribution to the whole.
Increasing/Decreasing Returns Correct Ans - After a certain point,
the addition of successive increments of one agent of production decreases
future incomes or amenities.
, Progression / Regression Correct Ans - The value of a lower priced
property is increased by its association with better properties of the same
type and vice versa.
Substitution Correct Ans - Market value of a property tends to be
set by the cost of acquiring an equally desirable and valuable property.
Surplus Productivity Correct Ans - Net income remaining after the
costs of labor, management, and capital have been paid
Supply Correct Ans - The amount of goods that producers are
willing to sell under various conditions during a given period.
Demand Correct Ans - Quantities of various goods that people are
willing and able to buy during some period, given the choices available to
them.
What is highest and best use? Correct Ans - The use that generates
the highest net return to the property over a reasonable time period.
What is the criteria for highest and best use? Correct Ans - Must be
legally permissible, physically possible, financially feasible, and maximally
productive.
What are the 7 steps of the appraisal process? Correct Ans - Define
the problem, scope of work, preliminary survey and analysis, data
collection and analysis, highest and best use, application of approach(es),
reconciliation.
The four forces or factors of value are? Correct Ans - PEGS,
Physical, Economic, Government, and Social
What is the typical life cycle of a NBHD? Correct Ans - Growth,
Stability, Decline, and Revitalization
Property tax is a what kind of tax? Correct Ans - Ad Valorem
The taxable location of personal property is referred to as its? Correct
Ans - Situs
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