IAAO 101 - REVIEW QUESTIONS &
UPDATED ANSWERS PASSED
ALREADY GRADED A+
The property tax is an ____ __________ tax, meaning it is based on value. - Correct
Answer ✔✔ ad valorem
The assessor is responsible for the _______, ________, and __________ of all taxable
property. - Correct Answer ✔✔ discovery
listing
valuation
The taxable location of personal property is referred to as its __________. - Correct
Answer ✔✔ situs
An estimate of value, usually in writing, of an adequately described property, as of a
given date, is termed ___ ___________. - Correct Answer ✔✔ an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived from
property tax by the total _________ ____________ of the taxing jurisdiction. - Correct
Answer ✔✔ budget
assessed valuation
The type of value usually estimated by the assessor is __________ value. - Correct
Answer ✔✔ market
The _________ ________ _________ reflects the ratio between the current tax bill and
the property value. - Correct Answer ✔✔ effective tax rate
In order for a property to have value, it must have ______, _______, ________ and
__________ __________ _________. - Correct Answer ✔✔ utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable time
period is called ________ _______ _________ _________. - Correct Answer ✔✔
highest and best use
The principle of __________ states that maximum value of a neighborhood is attained
when the uses of land are perfectly complementary. - Correct Answer ✔✔ balance
, Which appraisal principle affirms that land cannot be valued on the basis of one use
while improvements are valued on the basis of another? - Correct Answer ✔✔
Consistent use
List the four tests that the appraiser must make in the analysis of the highest and best
use. - Correct Answer ✔✔ Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. - Correct Answer ✔✔ Real estate
Property is considered ________ if it can be moved without causing any damage or
change to either the item of property or the structure to which it is attached. - Correct
Answer ✔✔ personal
Assessment level times the tax rate equals the _________ ______ ________. - Correct
Answer ✔✔ effective tax rate
____________ is the point at which the forces of supply and forces of demand meet. -
Correct Answer ✔✔ Equilibrium
List the two types of highest and best use analysis. - Correct Answer ✔✔ A. As if
vacant.
B. As if improved.
The typical life cycle of a neighborhood includes ________, ________, _______ and
___________. - Correct Answer ✔✔ growth
stability
decline
revitalization
What elements of the marketplace are most likely to contribute to a change in demand?
- Correct Answer ✔✔ Consumer tastes and preferences
Consumer income
Price of related commodities
Consumer expectations
Price of the commodity
Market value is defined as the most probable price of a property in terms of money,
assuming - Correct Answer ✔✔ A. Buyer and seller are typically motivated
B. A reasonable time is allowed for exposure in the open market.
C. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
UPDATED ANSWERS PASSED
ALREADY GRADED A+
The property tax is an ____ __________ tax, meaning it is based on value. - Correct
Answer ✔✔ ad valorem
The assessor is responsible for the _______, ________, and __________ of all taxable
property. - Correct Answer ✔✔ discovery
listing
valuation
The taxable location of personal property is referred to as its __________. - Correct
Answer ✔✔ situs
An estimate of value, usually in writing, of an adequately described property, as of a
given date, is termed ___ ___________. - Correct Answer ✔✔ an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived from
property tax by the total _________ ____________ of the taxing jurisdiction. - Correct
Answer ✔✔ budget
assessed valuation
The type of value usually estimated by the assessor is __________ value. - Correct
Answer ✔✔ market
The _________ ________ _________ reflects the ratio between the current tax bill and
the property value. - Correct Answer ✔✔ effective tax rate
In order for a property to have value, it must have ______, _______, ________ and
__________ __________ _________. - Correct Answer ✔✔ utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable time
period is called ________ _______ _________ _________. - Correct Answer ✔✔
highest and best use
The principle of __________ states that maximum value of a neighborhood is attained
when the uses of land are perfectly complementary. - Correct Answer ✔✔ balance
, Which appraisal principle affirms that land cannot be valued on the basis of one use
while improvements are valued on the basis of another? - Correct Answer ✔✔
Consistent use
List the four tests that the appraiser must make in the analysis of the highest and best
use. - Correct Answer ✔✔ Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. - Correct Answer ✔✔ Real estate
Property is considered ________ if it can be moved without causing any damage or
change to either the item of property or the structure to which it is attached. - Correct
Answer ✔✔ personal
Assessment level times the tax rate equals the _________ ______ ________. - Correct
Answer ✔✔ effective tax rate
____________ is the point at which the forces of supply and forces of demand meet. -
Correct Answer ✔✔ Equilibrium
List the two types of highest and best use analysis. - Correct Answer ✔✔ A. As if
vacant.
B. As if improved.
The typical life cycle of a neighborhood includes ________, ________, _______ and
___________. - Correct Answer ✔✔ growth
stability
decline
revitalization
What elements of the marketplace are most likely to contribute to a change in demand?
- Correct Answer ✔✔ Consumer tastes and preferences
Consumer income
Price of related commodities
Consumer expectations
Price of the commodity
Market value is defined as the most probable price of a property in terms of money,
assuming - Correct Answer ✔✔ A. Buyer and seller are typically motivated
B. A reasonable time is allowed for exposure in the open market.
C. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
