IAAO 101 Quiz| questions with complete answers
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
...
IAAO 101 Quiz| questions with complete answers
The basic responsibilities of the assessor are to ___________________ all taxable property - answer Discover, List, and Value
One of the steps an assessor must take in the discovery of property is to - answer Conduct periodic on-site inspections of properties
The property tax is a/an _____________________ tax, meaning it is based on value. - answer Ad Valorem
If a tax rate is $13.30 per $100, the decimal equivalent would be - answer 0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate the property tax for the residence - answer $3,248.00
_______________________________ divided by the assessed value equals the tax rate. - answer Budget
Assessment level times the tax rate equals the - answer Effective Tax Rate
____________________________________ is a the physical land and everything permanently attached to it. - answer Real Estate
Which of the following is governmental restriction to the "bundle of rights"? - answer Emiment Domain
Which of the following is a basic right associated with the ownership of property? - 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 - answer supply and demand
______________________ is the point at which the forces of supply and demand meet ---the point of balance. - 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. - answer Fee Simple
In the appraisal process, data collection requires the assessor to collect - 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? - 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. - answer Neighborhood
What element of the marketplace is likely to contribute to a change in demand? - answer Consumer expectations (demand relates to consumer)
What element of the marketplace is likely to contribute to a change in supply? - answer Entrepreneur expectations (Entrepreneurs relates to supply)
A township in the Public Land Survey System contains _______________ sections, with each section containing ______________ acres. - answer 36-640
The NE1/4 NW1-4 SE1-4 SW1-4 contains _______________ acres - answer 2.5
A land description system in which boundaries are described as distances between two semi permanent points or as lines following compass bearings is known as - answer Metes and bounds descriptions
The principle that states that market value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property is - answer Substitution
A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier msut be - answer unique, permanent and simple
Stratification is the first step in analyzing land sales, and the primary sort is by - answer market area
The principle illustrating that market value is determined by such factors as zoning, rent controls, interest rates, and so on is - answer Change
The appropriate map scale for urban areas is - answer 1"=100
The _________________________ unit would be the appropriate unit when pedestrian access is an important consideration. - answer Front Foot
When adjustments are being made to comparable sales, using percentage adjustments in the direct sales comparison approach, the sequence of adjustments the appraiser must follow is - answer financing, market conditions, location, physical characteristics
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