IAAO 101 - Review Questions And Answers Verified
100% Correct
List any two types of private encumbrances that can be placed on ownership of real
property. - ANSWER Rights of co-owners
Condo and subdivision restrictions
Covenants, conditions and restrictions found in the chain of title to the property
Mortgages
Easements and rights of way
Liens and judgments
Leases
The principle of ____________ states that value is created by the expected future
benefits to be derived from the property. - ANSWER anticipation
The six basic rights associated with property are as follows: - ANSWER Sell
Lease
Use
Give away
Enter or leave
Refuse to do any of the above.
The ownership of all legal rights to property is known as ____ _______. - ANSWER fee
simple (fee simple absolute)
Determining the identity of the property to be appraised is a part of the ______ step in
the appraisal process. - ANSWER first
The three types of boundaries used to delineate neighborhoods are _____, ______, and
______. - ANSWER political
man-made
natural
Under the step in the appraisal process that is termed data collection and analysis,
specific data include - ANSWER Site data
The four forces that influence value and must be considered in neighborhood analysis
are as follows - ANSWER Physical (environmental)
Economic
Governmental
, Social
The typical life cycle of a neighborhood can be extended or shortened by changes in
_______ factors. - ANSWER economic
An area of complementary land uses in which all properties are similarly influenced by
the four forces affecting value is termed a ___________. - ANSWER neighborhood
Municipal services, planning and zoning are examples of _________ forces that affect
neighborhoods. - ANSWER governmental
What are the four basic elements of supply? - ANSWER Cost of production
Price of other goods
Entrepreneur expectations
Number of sellers
The four factors affecting land values are as follows: - ANSWER Physical
(environmental)
Economic
Governmental
Social
The Principle of __________ __________ states that returns to land are what remain
after returns to labor, management and capital are satisfied. - ANSWER Surplus
Productivity
List the six methods of land valuation: - ANSWER Direct sales comparison
Allocation
Abstraction
Anticipated use or development
Capitalization of ground rent
Land residual technique
A complete set of ________ maps showing boundaries, parcel size, sales information,
and other relevant features of all parcels in a jurisdiction is a necessary tool for
assessors. - ANSWER cadastral
The practice of measuring the direction of property lines with compass bearings and the
distance with measuring chains or tapes in order to obtain a property description is
known as ______ ______ ______. - ANSWER metes and bounds
A township in the Public Land Survey System contains ____ sections, with each section
100% Correct
List any two types of private encumbrances that can be placed on ownership of real
property. - ANSWER Rights of co-owners
Condo and subdivision restrictions
Covenants, conditions and restrictions found in the chain of title to the property
Mortgages
Easements and rights of way
Liens and judgments
Leases
The principle of ____________ states that value is created by the expected future
benefits to be derived from the property. - ANSWER anticipation
The six basic rights associated with property are as follows: - ANSWER Sell
Lease
Use
Give away
Enter or leave
Refuse to do any of the above.
The ownership of all legal rights to property is known as ____ _______. - ANSWER fee
simple (fee simple absolute)
Determining the identity of the property to be appraised is a part of the ______ step in
the appraisal process. - ANSWER first
The three types of boundaries used to delineate neighborhoods are _____, ______, and
______. - ANSWER political
man-made
natural
Under the step in the appraisal process that is termed data collection and analysis,
specific data include - ANSWER Site data
The four forces that influence value and must be considered in neighborhood analysis
are as follows - ANSWER Physical (environmental)
Economic
Governmental
, Social
The typical life cycle of a neighborhood can be extended or shortened by changes in
_______ factors. - ANSWER economic
An area of complementary land uses in which all properties are similarly influenced by
the four forces affecting value is termed a ___________. - ANSWER neighborhood
Municipal services, planning and zoning are examples of _________ forces that affect
neighborhoods. - ANSWER governmental
What are the four basic elements of supply? - ANSWER Cost of production
Price of other goods
Entrepreneur expectations
Number of sellers
The four factors affecting land values are as follows: - ANSWER Physical
(environmental)
Economic
Governmental
Social
The Principle of __________ __________ states that returns to land are what remain
after returns to labor, management and capital are satisfied. - ANSWER Surplus
Productivity
List the six methods of land valuation: - ANSWER Direct sales comparison
Allocation
Abstraction
Anticipated use or development
Capitalization of ground rent
Land residual technique
A complete set of ________ maps showing boundaries, parcel size, sales information,
and other relevant features of all parcels in a jurisdiction is a necessary tool for
assessors. - ANSWER cadastral
The practice of measuring the direction of property lines with compass bearings and the
distance with measuring chains or tapes in order to obtain a property description is
known as ______ ______ ______. - ANSWER metes and bounds
A township in the Public Land Survey System contains ____ sections, with each section
