IAAO 101 EXAM QUESTIONS &
ANSWERS RATED 100% CORRECT
PASSED
ad valorem - Correct Answer ✔✔ According to Value
The basic responsibilities of an Appraiser to all taxable property. - Correct Answer ✔✔
1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Correct Answer ✔✔
Situs
The type of value usually estimated by an Appraiser is the - Correct Answer ✔✔ Market
Value
The effective tax rate reflects the ratio between what - Correct Answer ✔✔ The current
tax bill and the property value
Assessment level times the tax rate equals - Correct Answer ✔✔ The effective tax rate
_________ divided by the assessed value equals the tax rate. - Correct Answer ✔✔
Budget
_________ is the physical land and everything permanently attached to it. - Correct
Answer ✔✔ Real Estate
Property tax is an _________. - Correct Answer ✔✔ ad valorem tax
How do you calculate the Assessment Ratio of a property? - Correct Answer ✔✔
Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - Correct Answer ✔✔ Budgeted Revenue
(Minus any other revenue sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - Correct Answer ✔✔ Tax rate X Assessed
value of Property
Fractional Assessment - Correct Answer ✔✔ An assessed value not statutorily at 100%
of market value
, The six basic rights associated with property are: - Correct Answer ✔✔ SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - Correct Answer ✔✔ PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real
estate - Correct Answer ✔✔ Personal Property
The four Governmental restrictions on property ownership: - Correct Answer ✔✔ TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - Correct Answer ✔✔ 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - Correct Answer ✔✔ Is the value of a property for a specific use
Value in exchange - Correct Answer ✔✔ Is the amount an informed buyer would offer in
exchange for a property under given market conditions
Principle of Anticipation * - Correct Answer ✔✔ Present worth of future benefits
Principle of Change * - Correct Answer ✔✔ The tendency of social and economic forces
affecting supply and demand to alter over time
Principle of Contribution * - Correct Answer ✔✔ The basis for applying the adjustments
in the sales comparison approach
ANSWERS RATED 100% CORRECT
PASSED
ad valorem - Correct Answer ✔✔ According to Value
The basic responsibilities of an Appraiser to all taxable property. - Correct Answer ✔✔
1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Correct Answer ✔✔
Situs
The type of value usually estimated by an Appraiser is the - Correct Answer ✔✔ Market
Value
The effective tax rate reflects the ratio between what - Correct Answer ✔✔ The current
tax bill and the property value
Assessment level times the tax rate equals - Correct Answer ✔✔ The effective tax rate
_________ divided by the assessed value equals the tax rate. - Correct Answer ✔✔
Budget
_________ is the physical land and everything permanently attached to it. - Correct
Answer ✔✔ Real Estate
Property tax is an _________. - Correct Answer ✔✔ ad valorem tax
How do you calculate the Assessment Ratio of a property? - Correct Answer ✔✔
Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - Correct Answer ✔✔ Budgeted Revenue
(Minus any other revenue sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - Correct Answer ✔✔ Tax rate X Assessed
value of Property
Fractional Assessment - Correct Answer ✔✔ An assessed value not statutorily at 100%
of market value
, The six basic rights associated with property are: - Correct Answer ✔✔ SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - Correct Answer ✔✔ PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real
estate - Correct Answer ✔✔ Personal Property
The four Governmental restrictions on property ownership: - Correct Answer ✔✔ TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - Correct Answer ✔✔ 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - Correct Answer ✔✔ Is the value of a property for a specific use
Value in exchange - Correct Answer ✔✔ Is the amount an informed buyer would offer in
exchange for a property under given market conditions
Principle of Anticipation * - Correct Answer ✔✔ Present worth of future benefits
Principle of Change * - Correct Answer ✔✔ The tendency of social and economic forces
affecting supply and demand to alter over time
Principle of Contribution * - Correct Answer ✔✔ The basis for applying the adjustments
in the sales comparison approach
