Exam (elaborations)
IAAO 101 Exam With 100% Correct And Verified Answers 2024
- Course
- Institution
IAAO 101 Exam With 100% Correct And Verified Answers 2024
[Show more]
Content preview
IAAO 101 Exam With 100% Correct AndVerified Answers 2024
The basic responsibilities of the assessor are to
___________________ all taxable property - Correct Answer-
Discover, List, and Value
One of the steps an assessor must take in the discovery of
property is to - Correct Answer-Conduct periodic on-site
inspections of properties
The property tax is a/an _____________________ tax, meaning it is
based on value. - Correct Answer-Ad Valorem
If a tax rate is $13.30 per $100, the decimal equivalent would be -
Correct Answer-0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate=
92.8 mills. Calculate the property tax for the residence - Correct
Answer-$3,248.00
_______________________________ divided by the assessed
value equals the tax rate. - Correct Answer-Budget
Vendarsol
,Assessment level times the tax rate equals the - Correct Answer-
Effective Tax Rate
____________________________________ is a the physical land
and everything permanently attached to it. - Correct Answer-Real
Estate
Which of the following is governmental restriction to the "bundle
of rights"? - Correct Answer-Emiment Domain
Which of the following is a basic right associated with the
ownership of property? - Correct Answer-To use, To lease or Rent,
To enter or leave
In order for a property to have value, it must have utility, scarcity,
desirability, and effective purchasing power. The economic forces
that determine scarcity are - Correct Answer-supply and demand
______________________ is the point at which the forces of
supply and demand meet ---the point of balance. - Correct Answer-
Equilibrium
A/an_________________________interest is ownership of all of the
rights in a property, except those reserved by the government,
and with no private encumbrances. - Correct Answer-Fee Simple
Vendarsol
, In the appraisal process, data collection requires the assessor
to collect - Correct Answer-General Data, Specific Data,
Comparative Data
Which of the following is not one of the four great forces by
which value is created, maintained, modified or destroyed? -
Correct Answer-Conceptual
A_________________________________may be defined as
an area of complementary land uses in which all properties
are similarly influenced by the four forces affecting value. -
Correct Answer-Neighborhood
What element of the marketplace is likely to contribute to a
change in demand? - Correct Answer-Consumer expectations
(demand relates to consumer)
What element of the marketplace is likely to contribute to a
change in supply? - Correct Answer-Entrepreneur
expectations (Entrepreneurs relates to supply)
A township in the Public Land Survey System contains
_______________ sections, with each section containing
______________ acres. - Correct Answer-36-640
Vendarsol
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now