Page |1
IAAO 101 - REVIEW QUESTIONS AND
ANSWERS 2026| BRAND NEW ACTUAL
EXAM WITH 100% VERIFIED QUESTIONS
AND CORRECT ANSWERS| GUARANTEED
SUCCESS
Basic responsibilities of tax assessors - Correct-Answer-Discover, List,
and Value
What are the rights of ownership? Bundle of rights - Correct-Answer-
Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything.
(S.L.U.G.E.R.)
What are the Government restrictions placed on bundle of rights? -
Correct-Answer-T.E.P.E. Taxation, Eminent domain, police power,
escheat
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In order for a property to have value, it must have? - Correct-Answer-
Utility, scarcity, desirability, and purchasing power.
What is the criteria for highest and best use? - Correct-Answer-Must be
legally permissible, physically possible, financially feasible, and
maximally productive.
What are the 7 steps of the appraisal process? - Correct-Answer-Define
the problem, scope of work, preliminary survey and analysis, data
collection and analysis, highest and best use, application of
approach(es), reconciliation.
The four forces or factors of value are? - Correct-Answer-PEGS,
Physical, Economic, Government, and Social
What is the typical life cycle of a NBHD? - Correct-Answer-Growth,
Stability, Decline, and Revitalization
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Property tax is a what kind of tax? - Correct-Answer-Ad Valorem
What is depreciation? - Correct-Answer-It is the difference between
RCN and its market value.
What is the most common method for measuring depreciation? -
Correct-Answer-Sales comparison method
What are the methods of measuring depreciation? - Correct-Answer-
Sales comparison, Capitalization of income method, economic age-life
method, observed condition method.
What are the three causes or types of depreciation? - Correct-Answer-
Physical, functional, and external.
IAAO 101 - REVIEW QUESTIONS AND
ANSWERS 2026| BRAND NEW ACTUAL
EXAM WITH 100% VERIFIED QUESTIONS
AND CORRECT ANSWERS| GUARANTEED
SUCCESS
Basic responsibilities of tax assessors - Correct-Answer-Discover, List,
and Value
What are the rights of ownership? Bundle of rights - Correct-Answer-
Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything.
(S.L.U.G.E.R.)
What are the Government restrictions placed on bundle of rights? -
Correct-Answer-T.E.P.E. Taxation, Eminent domain, police power,
escheat
, Page |2
In order for a property to have value, it must have? - Correct-Answer-
Utility, scarcity, desirability, and purchasing power.
What is the criteria for highest and best use? - Correct-Answer-Must be
legally permissible, physically possible, financially feasible, and
maximally productive.
What are the 7 steps of the appraisal process? - Correct-Answer-Define
the problem, scope of work, preliminary survey and analysis, data
collection and analysis, highest and best use, application of
approach(es), reconciliation.
The four forces or factors of value are? - Correct-Answer-PEGS,
Physical, Economic, Government, and Social
What is the typical life cycle of a NBHD? - Correct-Answer-Growth,
Stability, Decline, and Revitalization
, Page |3
Property tax is a what kind of tax? - Correct-Answer-Ad Valorem
What is depreciation? - Correct-Answer-It is the difference between
RCN and its market value.
What is the most common method for measuring depreciation? -
Correct-Answer-Sales comparison method
What are the methods of measuring depreciation? - Correct-Answer-
Sales comparison, Capitalization of income method, economic age-life
method, observed condition method.
What are the three causes or types of depreciation? - Correct-Answer-
Physical, functional, and external.
