IAAO Workshop 852 AAS Case Study;
Questions & Answers 100 Solved
Leverage The borrowing of funds in hopes of earning a greater return than
the cost of the
borrowed funds
list, value, discover The basic responsibilities of the assessor for all taxable
property.
Conduct periodic on-site ins...
IAAO Workshop 852 AAS Case Study;
Questions & Answers 100 Solved
Leverage ✔✔The borrowing of funds in hopes of earning a greater return than
the cost of the
borrowed funds
list, value, discover ✔✔The basic responsibilities of the assessor for all taxable
property.
Conduct periodic on-site inspection of properties ✔✔One of the steps an
assessor must take in
the discovery of property
Ad Valorem ✔✔The property tax, meaning it is based on value.
Budget ✔✔Divided by the assessed value equals the tax rate
Effective tax rate ✔✔Assessment level times the tax rate equals the
Real property ✔✔Land and everything permanently attached to it
Eminent domain ✔✔Is a government restriction to the bundle of rights
To use, to lease or rent, to enter or leave ✔✔Basic rights associated with the
ownership of
property
Equilibrium ✔✔The point at which the forces of supply and demand meet
, IAAO Workshop 852 AAS Case Study;
Questions & Answers 100 Solved
Fee simple ✔✔ownership of all the rights of property, except those reserved by
the government
General data, specific data, comparative data ✔✔In the appraisal process, data
collection
requires the assessor to collect
Neighborhood ✔✔An area of complementary land uses in which all properties
are similarly
influenced by the 4 forces affecting value.
Consumer expectations ✔✔Element of the marketplace that is likely to
contribute to a change in
demand
Entrepreneur expectations ✔✔Element of the marketplace that is likely to
contribute to a change
in supply
Market area ✔✔The primary sort in analyzing land sales in stratification
Stratification ✔✔The 1st step in analyzing land sales
Change ✔✔The principle that market value is determined by such factors as
zoning, rent
controls, interest rates, etc.
, IAAO Workshop 852 AAS Case Study;
Questions & Answers 100 Solved
Front foot ✔✔unit would be good to use when pedestrian access is important
ANTICIPATED USE OR DEVELOPMENT METHOD ✔✔Land valuation method that
replicates the actions of subdividers or developers
Replacement cost ✔✔Cost of producing a building having same utility but using
modern
materials, design, and workmanship
Principle of contribution ✔✔Underlying principle in the adjustment process in
sales comparison
approach
Principle of substitution ✔✔A buyer will pay no more for a property than for a
comparable
property
Principle of change ✔✔States that market value is never constant because of
environmental,
governmental, social, and economic forces
Reproduction cost ✔✔The cost of building an exact replica of a building
When a property experiences functional obsolescence, it ✔✔Is usually the result
of diminished
utility within a building
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