IAAO 101 - Review Questions with Verified Answers
1. The property tax is an tax,
meaning it is based on value.
ad valorem
2. The assessor is responsible for the , discovery
, and of all taxable
property.
3. The taxable location of personal property is
referred to as its .
4. An estimate of...
1. The property tax is an tax, ad valorem
meaning it is based on value.
2. The assessor is responsible for the , discovery
, and of all taxable listing
property. valuation
3. The taxable location of personal property is situs
referred to as its .
4. An estimate of value, usually in writing, of an an appraisal
adequately described property, as of a given
date, is termed .
5. A jurisdiction's tax rate is determined budget
by dividing the to be derived assessed valuation
from property tax by the total
of the taxing jurisdiction.
6. The type of value usually estimated by the market
assessor is value.
7. The reflects effective tax rate
the ratio between the current tax bill and the
property value.
8. In order for a property to have value, it utility
must have , , and scarcity
. desirability
effective purchasing power
9. The use that generates the highest net re- highest and best use
turn to a property over a reasonable time pe-
riod is called
.
10. The principle of states that max- balance
imum value of a neighborhood is attained
when the uses of land are perfectly comple-
mentary.
, IAAO 101 - Review Questions with Verified Answers
11. Which appraisal principle affirms that land Consistent use
cannot be valued on the basis of one use
while improvements are valued on the basis
of another?
12. List the four tests that the appraiser must Legally permissible
make in the analysis of the highest and best Physically possible
use. Financially feasible
Most productive
13. is a parcel of land and any Real estate
structures or improvements that are perma-
nently affixed thereto.
14. Property is considered if it can personal
be moved without causing any damage or
change to either the item of property or the
structure to which it is attached.
15. Assessment level times the tax rate equals effective tax rate
the .
16. is the point at which the Equilibrium
forces of supply and forces of demand meet.
17. List the two types of highest and best use A. As if vacant.
analysis. B. As if improved.
18. The typical life cycle of a neighborhood growth
includes , , and stability
. decline
revitalization
19. What elements of the marketplace are most Consumer tastes and pref-
likely to contribute to a change in demand? erences
Consumer income
Price of related commodi-
ties
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