IAAO - COURSE 101 EXAM
QUESTIONS & ACTUAL CORRECT
ANSWERS RATED 100% COMPLETE
Discover
List
Value taxable property - Correct Answer ✔✔ Basic appraiser responsibilities
Standard 6: Scope of Work - Correct Answer ✔✔ USPAP standard for appraisal
practice
ad valorem tax - Correct Answer ✔✔ Property tax based on value
Tax Rate (formula) - Correct Answer ✔✔ Budget (minus other revenue) / Assessed
Value of Jurisdiction
Tax Bill (formula) - Correct Answer ✔✔ Tax Rate x Ind. Property Assessed Value
Assessed Value (AV) formula - Correct Answer ✔✔ Assessment Ratio (AR) x Market
Value (MV)
Property Tax Revenue (formula) - Correct Answer ✔✔ Budget minus other revenue
ETR (Effective Tax Rate) - Correct Answer ✔✔ Reflects the ratio between the current
tax bill and the property value.
ETR formula - Correct Answer ✔✔ A (assessment ratio) x T (tax rate)
Real Property - Correct Answer ✔✔ Interests, benefits, and rights associated with real
estate ownership
Real Estate - Correct Answer ✔✔ land and anything that is permanently attached to it
Property Classifications - Correct Answer ✔✔ Residential
Commercial
Industrial
Agricultural
Personal Property - Correct Answer ✔✔ Movable items not permanently affixed; that
which is to real is personal; valued by exception
, Ownership Bundle of Rights - SLUGER (fee simple ownership) - Correct Answer ✔✔ S-
Sell
L-Lease
U-Use
G-Give away
E-Enter or leave
R-Refuse
Gov't Restrictions to the Bundle of Rights - PETE - Correct Answer ✔✔ Police Power
Eminent Domain
Taxation
Escheat (revert to state due to non-pymt of taxes, etc.)
Private Encumbrances on Property - Correct Answer ✔✔ HOA fees
Mortgages
Easements and ROW
Liens & judgments
Leases
Fee Simple - Correct Answer ✔✔ Ownership of all legal rights to property; highest and
greatest type of ownership interest (title) that can be held in real property.
For Property to have Value, it must have... - Correct Answer ✔✔ Utility
Scarcity
Desirability
Effective Purchasing Power
Value (def.) - Correct Answer ✔✔ The present worth of future benefits arising from the
ownership of real property. Monetary worth of property to buyers and sellers.
Value in Use - Correct Answer ✔✔ Value of a property for a specific use
Value in Exchange - Correct Answer ✔✔ the amount an informed buyer would offer in
exchange for a property under given market conditions
Cost (def.) - Correct Answer ✔✔ Sacrifice made to acquire property
Price (def.) - Correct Answer ✔✔ Amount asked, offered, or paid for a property
Market Value - Correct Answer ✔✔ Probable price which a property would bring in a
competitive and open market; type of value usually estimated by the appraiser
Appraisal - Correct Answer ✔✔ Opinion of value, usually in writing, of described
property as of a given date
QUESTIONS & ACTUAL CORRECT
ANSWERS RATED 100% COMPLETE
Discover
List
Value taxable property - Correct Answer ✔✔ Basic appraiser responsibilities
Standard 6: Scope of Work - Correct Answer ✔✔ USPAP standard for appraisal
practice
ad valorem tax - Correct Answer ✔✔ Property tax based on value
Tax Rate (formula) - Correct Answer ✔✔ Budget (minus other revenue) / Assessed
Value of Jurisdiction
Tax Bill (formula) - Correct Answer ✔✔ Tax Rate x Ind. Property Assessed Value
Assessed Value (AV) formula - Correct Answer ✔✔ Assessment Ratio (AR) x Market
Value (MV)
Property Tax Revenue (formula) - Correct Answer ✔✔ Budget minus other revenue
ETR (Effective Tax Rate) - Correct Answer ✔✔ Reflects the ratio between the current
tax bill and the property value.
ETR formula - Correct Answer ✔✔ A (assessment ratio) x T (tax rate)
Real Property - Correct Answer ✔✔ Interests, benefits, and rights associated with real
estate ownership
Real Estate - Correct Answer ✔✔ land and anything that is permanently attached to it
Property Classifications - Correct Answer ✔✔ Residential
Commercial
Industrial
Agricultural
Personal Property - Correct Answer ✔✔ Movable items not permanently affixed; that
which is to real is personal; valued by exception
, Ownership Bundle of Rights - SLUGER (fee simple ownership) - Correct Answer ✔✔ S-
Sell
L-Lease
U-Use
G-Give away
E-Enter or leave
R-Refuse
Gov't Restrictions to the Bundle of Rights - PETE - Correct Answer ✔✔ Police Power
Eminent Domain
Taxation
Escheat (revert to state due to non-pymt of taxes, etc.)
Private Encumbrances on Property - Correct Answer ✔✔ HOA fees
Mortgages
Easements and ROW
Liens & judgments
Leases
Fee Simple - Correct Answer ✔✔ Ownership of all legal rights to property; highest and
greatest type of ownership interest (title) that can be held in real property.
For Property to have Value, it must have... - Correct Answer ✔✔ Utility
Scarcity
Desirability
Effective Purchasing Power
Value (def.) - Correct Answer ✔✔ The present worth of future benefits arising from the
ownership of real property. Monetary worth of property to buyers and sellers.
Value in Use - Correct Answer ✔✔ Value of a property for a specific use
Value in Exchange - Correct Answer ✔✔ the amount an informed buyer would offer in
exchange for a property under given market conditions
Cost (def.) - Correct Answer ✔✔ Sacrifice made to acquire property
Price (def.) - Correct Answer ✔✔ Amount asked, offered, or paid for a property
Market Value - Correct Answer ✔✔ Probable price which a property would bring in a
competitive and open market; type of value usually estimated by the appraiser
Appraisal - Correct Answer ✔✔ Opinion of value, usually in writing, of described
property as of a given date
