IAAO 101 Exam Questions and Correct Answers Latest Update Already Passed
ad valorem - Answers According to Value
The basic responsibilities of an Appraiser to all taxable property. - Answers 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its'...
The basic responsibilities of an Appraiser to all taxable property. - Answers 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Answers Situs
The type of value usually estimated by an Appraiser is the - Answers Market Value
The effective tax rate reflects the ratio between what - Answers The current tax bill and the property
value
Assessment level times the tax rate equals - Answers The effective tax rate
_________ divided by the assessed value equals the tax rate. - Answers Budget
_________ is the physical land and everything permanently attached to it. - Answers Real Estate
Property tax is an _________. - Answers ad valorem tax
How do you calculate the Assessment Ratio of a property? - Answers Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - Answers Budgeted Revenue (Minus any other revenue
sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - Answers Tax rate X Assessed value of Property
Fractional Assessment - Answers An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - Answers SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
, The four factors that influence/effect land values are: - Answers PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate - Answers
Personal Property
The four Governmental restrictions on property ownership: - Answers TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - Answers 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - Answers Is the value of a property for a specific use
Value in exchange - Answers Is the amount an informed buyer would offer in exchange for a property
under given market conditions
Principle of Anticipation * - Answers Present worth of future benefits
Principle of Change * - Answers The tendency of social and economic forces affecting supply and
demand to alter over time
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