ASSESSOR EXAM QUESTIONS AND
ANSWERS 100% PASS 2026/2027
Functional Incurable (Example) - ANS Basement stairway in poor location
Physical Incurable: Long-life Components (Example) - ANS Basic structure is aging
Functional Curable: Deficiency Modernization (example) - ANS Inadequacy of kitchen
cabinets
Economic (locational) (example) - ANS Drop forge plant is next door
Physical Curable (example) - ANS Linoleum floor in kitchen is worn out
Functional Curable: Super-Adequacy (example) - ANS $15,000 residence with gold plated
door knobs
Functional Curable: Normal Deficiency (example) - ANS Supermarket needs central air
conditioning
Real Estate - ANS physical items, the land and any structures/improvements on it
Real Property - ANS Rights and benefits in addition to real estate
2026/2027 ALLRIGHTS RESERVED
1
,Bundle of Rights - ANS The right to sell, lease, occupy, mortgage, give away, do all or none
Police Power - ANS Right to regulate the use of property for public welfare
Easements - ANS Right to access property, mostly utility
Life Estate - ANS Ownership interest in property that is not inheritable, expires on the death
of the inhabitant, then reverts to the owner who granted the estate
Lease - ANS Contract between the owner and tenant which transfers a portion of the bundle
of rights for rent
Encroachments - ANS Unauthorized use of the property by an individual who does not own it
Land Contract - ANS Contract where the seller promises to give the property at a specified
future time and the buyer makes installments
Option Contract - ANS Property owner gives the buyer the right to buy property at a specified
price within a given time period
Warranty Deed - ANS Seller guarantees the buyer the title is clear of encumbrances except
those mentioned in the deed
Special Warranty Deed - ANS Seller guarantees the title only against defects occurring during
the time they held the title
Quit-Claim Deed - ANS Passes all of the interest in the land that the grantor may have and
can give
2026/2027 ALLRIGHTS RESERVED
2
,Sheriff's Deed - ANS Used where the sheriff acts as the grantor for the public's benefit,
contains no warranties
Trustee's Deed - ANS When the property is held in trust...trustees need to sign the deed,
guarantees the title only against acts by the trustees
Accretion - ANS Land gained by water deposits adding to land
Real Estate Transfer Return - ANS Used for collecting information about the transfer of real
property
Agricultural Property Value Standard - ANS Use value
Principle of Contribution - ANS Value of an improvement by the amount it contributes to
market value, not by its cost
Valuation Considerations - ANS Market conditions, neighborhood analysis, physical,
economic, governmental, and social factors
Property Considerations - ANS Conservation easements, zoning, special zoning restrictions,
location, land, and improvement factors, physical, and economic characteristics
Metes and Bounds - ANS Land identification system based on semi-permanent physical
features or compass bearings
Township - ANS divided into 36 sections, each section 1 mile square containing 640 acres
Residential Subdivisions - ANS Commonly described by the lot and block system of land
2026/2027 ALLRIGHTS RESERVED
3
, Fractional Sections - ANS Corrections are made on the north and/or west side of townships
and sections
Baselines - ANS East/west with the Wisconsin baseline being the WI/Il border
Meridians - ANS North/south with WI being the 4th principal meridian
How Many Square Feet in an Acre? - ANS 43,650 square feet
NE1/4 NE1/4 SW1/4 - ANS 10 acres
What Establishes the Upper Limit of Value? - ANS Asking price
What Establishes the Lower Limit of Value? - ANS Offering price
Best Source of Verification/Documentation of Sales Data - ANS Direct interview of the seller
or buyor
Greatest Degree of Comparability is Influenced by what Factors? - ANS 1. social
2. economic
3. legal (governmental)
4. physical
Units of Comparison for the Valuation of Vacant Land are... - ANS 1. front foot
2. square foot
3. acre
4. section
2026/2027 ALLRIGHTS RESERVED
4
ANSWERS 100% PASS 2026/2027
Functional Incurable (Example) - ANS Basement stairway in poor location
Physical Incurable: Long-life Components (Example) - ANS Basic structure is aging
Functional Curable: Deficiency Modernization (example) - ANS Inadequacy of kitchen
cabinets
Economic (locational) (example) - ANS Drop forge plant is next door
Physical Curable (example) - ANS Linoleum floor in kitchen is worn out
Functional Curable: Super-Adequacy (example) - ANS $15,000 residence with gold plated
door knobs
Functional Curable: Normal Deficiency (example) - ANS Supermarket needs central air
conditioning
Real Estate - ANS physical items, the land and any structures/improvements on it
Real Property - ANS Rights and benefits in addition to real estate
2026/2027 ALLRIGHTS RESERVED
1
,Bundle of Rights - ANS The right to sell, lease, occupy, mortgage, give away, do all or none
Police Power - ANS Right to regulate the use of property for public welfare
Easements - ANS Right to access property, mostly utility
Life Estate - ANS Ownership interest in property that is not inheritable, expires on the death
of the inhabitant, then reverts to the owner who granted the estate
Lease - ANS Contract between the owner and tenant which transfers a portion of the bundle
of rights for rent
Encroachments - ANS Unauthorized use of the property by an individual who does not own it
Land Contract - ANS Contract where the seller promises to give the property at a specified
future time and the buyer makes installments
Option Contract - ANS Property owner gives the buyer the right to buy property at a specified
price within a given time period
Warranty Deed - ANS Seller guarantees the buyer the title is clear of encumbrances except
those mentioned in the deed
Special Warranty Deed - ANS Seller guarantees the title only against defects occurring during
the time they held the title
Quit-Claim Deed - ANS Passes all of the interest in the land that the grantor may have and
can give
2026/2027 ALLRIGHTS RESERVED
2
,Sheriff's Deed - ANS Used where the sheriff acts as the grantor for the public's benefit,
contains no warranties
Trustee's Deed - ANS When the property is held in trust...trustees need to sign the deed,
guarantees the title only against acts by the trustees
Accretion - ANS Land gained by water deposits adding to land
Real Estate Transfer Return - ANS Used for collecting information about the transfer of real
property
Agricultural Property Value Standard - ANS Use value
Principle of Contribution - ANS Value of an improvement by the amount it contributes to
market value, not by its cost
Valuation Considerations - ANS Market conditions, neighborhood analysis, physical,
economic, governmental, and social factors
Property Considerations - ANS Conservation easements, zoning, special zoning restrictions,
location, land, and improvement factors, physical, and economic characteristics
Metes and Bounds - ANS Land identification system based on semi-permanent physical
features or compass bearings
Township - ANS divided into 36 sections, each section 1 mile square containing 640 acres
Residential Subdivisions - ANS Commonly described by the lot and block system of land
2026/2027 ALLRIGHTS RESERVED
3
, Fractional Sections - ANS Corrections are made on the north and/or west side of townships
and sections
Baselines - ANS East/west with the Wisconsin baseline being the WI/Il border
Meridians - ANS North/south with WI being the 4th principal meridian
How Many Square Feet in an Acre? - ANS 43,650 square feet
NE1/4 NE1/4 SW1/4 - ANS 10 acres
What Establishes the Upper Limit of Value? - ANS Asking price
What Establishes the Lower Limit of Value? - ANS Offering price
Best Source of Verification/Documentation of Sales Data - ANS Direct interview of the seller
or buyor
Greatest Degree of Comparability is Influenced by what Factors? - ANS 1. social
2. economic
3. legal (governmental)
4. physical
Units of Comparison for the Valuation of Vacant Land are... - ANS 1. front foot
2. square foot
3. acre
4. section
2026/2027 ALLRIGHTS RESERVED
4
