IAAO 101; Questions & Answers 100 Solved
The basic responsibilities of the assessor are to ___________________ all
taxable property
Discover, List, and Value
One of the steps an assessor must take in the discovery of property is to
Conduct periodic onsite inspections of properties
The prop...
IAAO 101; Questions & Answers 100 Solved
The basic responsibilities of the assessor are to ___________________ all
taxable property
✔✔Discover, List, and Value
One of the steps an assessor must take in the discovery of property is to
✔✔Conduct periodic on-
site inspections of properties
The property tax is a/an _____________________ tax, meaning it is based on
value. ✔✔Ad
Valorem
If a tax rate is $13.30 per $100, the decimal equivalent would be ✔✔0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills.
Calculate the
property tax for the residence ✔✔$3,248.00
_______________________________ divided by the assessed value equals the
tax rate.
✔✔Budget
Assessment level times the tax rate equals the ✔✔Effective Tax Rate
____________________________________ is a the physical land and everything
permanently
attached to it. ✔✔Real Estate
, IAAO 101; Questions & Answers 100 Solved
Which of the following is governmental restriction to the "bundle of rights"?
✔✔Emiment
Domain
Which of the following is a basic right associated with the ownership of
property? ✔✔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 ✔✔supply
and demand
______________________ is the point at which the forces of supply and
demand meet ---the
point of balance. ✔✔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. ✔✔Fee
Simple
In the appraisal process, data collection requires the assessor to collect
✔✔General Data,
Specific Data, Comparative Data
, IAAO 101; Questions & Answers 100 Solved
Which of the following is not one of the four great forces by which value is
created, maintained,
modified or destroyed? ✔✔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.
✔✔Neighborhood
What element of the marketplace is likely to contribute to a change in demand?
✔✔Consumer
expectations (demand relates to consumer)
What element of the marketplace is likely to contribute to a change in supply?
✔✔Entrepreneur
expectations (Entrepreneurs relates to supply)
A township in the Public Land Survey System contains _______________
sections, with each
section containing ______________ acres. ✔✔36-640
The NE1/4 NW1-4 SE1-4 SW1-4 contains _______________ acres ✔✔2.5
A land description system in which boundaries are described as distances
between two semi
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