IAAO 101 – QUIZZES & VERIFIED
CORRECT ANSWERS RATED 100%
CORRECT
The basic responsibilities of the assessor are to _________ all taxable property. -
Correct Answer ✔✔ A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - Correct
Answer ✔✔ conduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value. -
Correct Answer ✔✔ ad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the
property tax for the residence. - Correct Answer ✔✔ $3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - Correct Answer ✔✔
0.1330
______________ divided by the assessed value equals the tax rate. - Correct Answer
✔✔ Budget
Assessment level times the tax rate equals the_____________________. - Correct
Answer ✔✔ effective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - Correct Answer ✔✔ $1.25
____________ is the physical land and everything permanently attached to it. - Correct
Answer ✔✔ real estate
, Which of the following is a governmental restriction to the "bundle of rights"? - Correct
Answer ✔✔ eminent domain
Which of the following is a basic right associated with the ownership of property? -
Correct Answer ✔✔ A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are_________________. - Correct Answer ✔✔ supply and demand
___________ is the point at which the forces of supply and demand meet----the point of
balance. - Correct Answer ✔✔ equilibrium
A/an ___________ interest is ownership of all the rights in a property, except those
reserved by the government, and with no private encumbrances. - Correct Answer ✔✔
fee simple
In the appraisal process, data collection requires the assessor to collect - Correct
Answer ✔✔ A. general data
B. specific data
C. comparative data
D. All of the above
Which of the following is not one of the four great forces by which value is created,
maintained, modified or destroyed? - Correct Answer ✔✔ conceptual
A ______________ may be defined as an area of complementary land uses in which all
properties are similarly influenced by the four forces affecting value. - Correct Answer
✔✔ neighborhood
What element of the marketplace is likely to contribute to a change in demand? -
Correct Answer ✔✔ consumer expectations
What element of the marketplace is likely to contribute to a change in supply? - Correct
Answer ✔✔ entrepreneur expectations
A township in the Public Land Survey System contains _____ sections, with each
section containing _____ acres. - Correct Answer ✔✔ 36
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. - Correct Answer ✔✔ 2.5
CORRECT ANSWERS RATED 100%
CORRECT
The basic responsibilities of the assessor are to _________ all taxable property. -
Correct Answer ✔✔ A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - Correct
Answer ✔✔ conduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value. -
Correct Answer ✔✔ ad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the
property tax for the residence. - Correct Answer ✔✔ $3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - Correct Answer ✔✔
0.1330
______________ divided by the assessed value equals the tax rate. - Correct Answer
✔✔ Budget
Assessment level times the tax rate equals the_____________________. - Correct
Answer ✔✔ effective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - Correct Answer ✔✔ $1.25
____________ is the physical land and everything permanently attached to it. - Correct
Answer ✔✔ real estate
, Which of the following is a governmental restriction to the "bundle of rights"? - Correct
Answer ✔✔ eminent domain
Which of the following is a basic right associated with the ownership of property? -
Correct Answer ✔✔ A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are_________________. - Correct Answer ✔✔ supply and demand
___________ is the point at which the forces of supply and demand meet----the point of
balance. - Correct Answer ✔✔ equilibrium
A/an ___________ interest is ownership of all the rights in a property, except those
reserved by the government, and with no private encumbrances. - Correct Answer ✔✔
fee simple
In the appraisal process, data collection requires the assessor to collect - Correct
Answer ✔✔ A. general data
B. specific data
C. comparative data
D. All of the above
Which of the following is not one of the four great forces by which value is created,
maintained, modified or destroyed? - Correct Answer ✔✔ conceptual
A ______________ may be defined as an area of complementary land uses in which all
properties are similarly influenced by the four forces affecting value. - Correct Answer
✔✔ neighborhood
What element of the marketplace is likely to contribute to a change in demand? -
Correct Answer ✔✔ consumer expectations
What element of the marketplace is likely to contribute to a change in supply? - Correct
Answer ✔✔ entrepreneur expectations
A township in the Public Land Survey System contains _____ sections, with each
section containing _____ acres. - Correct Answer ✔✔ 36
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. - Correct Answer ✔✔ 2.5
