1|Page
IAAO TEST VERSION 3 EXAM LATEST 2026-2027 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
If the cost to cure a functional deficiency within a residence
exceeds the increase in value added to the property, it is called
_______ functional obsolescence. - ANSWERS-incurable
The Principle of ___________ holds that the value of a property
tends to be set by the price that would be paid to acquire a
property of similar utility and desirability within a reasonable
amount of time. - ANSWERS-Substitution
The Prince of _____________ is the underlying principle in the
adjustment process in the sales comparison approach. -
ANSWERS-Contribution
A major principle in the sales comparison approach holds that the
relationship between a property and its environment must be in
________ for a property to reflect its optimum market value. -
ANSWERS-balance
,2|Page
A major advantage to the sales comparison approach is that it
reflects the actions of ________ and _________ in the market. -
ANSWERS-buyers
sellers
A unit of comparison that would be applicable to single-family
residential property is the ____________________________ or
__________________. - ANSWERS-price per square foot of
gross living area
total property price
A unit of comparison that would be applicable to agricultural
farmland or larger rural residential tracts would be the
______________. - ANSWERS-price per acre
In the selection of comparable properties in the sales comparison
approach, list four comparability items that should be considered.
- ANSWERS-Financing
Current market conditions (date of sale)
, 3|Page
Similar in location
Similar in size, age, condition
Similar in design type
Similar in construction type
Affected by the same four forces that influence value
Similar physical attributes
The property tax is an ____ __________ tax, meaning it is based
on value. - ANSWERS-ad valorem
The assessor is responsible for the _______, ________, and
__________ of all taxable property. - ANSWERS-discovery
listing
valuation
The taxable location of personal property is referred to as its
__________. - ANSWERS-situs
IAAO TEST VERSION 3 EXAM LATEST 2026-2027 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
If the cost to cure a functional deficiency within a residence
exceeds the increase in value added to the property, it is called
_______ functional obsolescence. - ANSWERS-incurable
The Principle of ___________ holds that the value of a property
tends to be set by the price that would be paid to acquire a
property of similar utility and desirability within a reasonable
amount of time. - ANSWERS-Substitution
The Prince of _____________ is the underlying principle in the
adjustment process in the sales comparison approach. -
ANSWERS-Contribution
A major principle in the sales comparison approach holds that the
relationship between a property and its environment must be in
________ for a property to reflect its optimum market value. -
ANSWERS-balance
,2|Page
A major advantage to the sales comparison approach is that it
reflects the actions of ________ and _________ in the market. -
ANSWERS-buyers
sellers
A unit of comparison that would be applicable to single-family
residential property is the ____________________________ or
__________________. - ANSWERS-price per square foot of
gross living area
total property price
A unit of comparison that would be applicable to agricultural
farmland or larger rural residential tracts would be the
______________. - ANSWERS-price per acre
In the selection of comparable properties in the sales comparison
approach, list four comparability items that should be considered.
- ANSWERS-Financing
Current market conditions (date of sale)
, 3|Page
Similar in location
Similar in size, age, condition
Similar in design type
Similar in construction type
Affected by the same four forces that influence value
Similar physical attributes
The property tax is an ____ __________ tax, meaning it is based
on value. - ANSWERS-ad valorem
The assessor is responsible for the _______, ________, and
__________ of all taxable property. - ANSWERS-discovery
listing
valuation
The taxable location of personal property is referred to as its
__________. - ANSWERS-situs
