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