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IAAO 101 – Fundamentals of Real Property Appraisal
Exam COMPLETE VERIFIED QUESTIONS AND
DETAILED SOLUTIONS LATEST UPDATE THIS
YEAR||NEWEST EXAM!!!
what is the typical lifestyle of a neighborhood? - Answer-
growth, stability, decline, and revitalization
what elements of the market place are most likely to
contribute to a change in demand? - Answer-1. consumer
tastes and preferences
2. consumer income
3. price of related commodities
4. consumer expectations
5. price of the commodity
market value is defined as the most probable price of a
property in terms of money, assuming
a. buyer and seller are typically motivated
b. a reasonable time is allowed for exposure
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c. payment is made in terms of cash in U.S. dollars or
interms of financial arrangements comparable thereto
d. all of the above - Answer-d. all of the above
refers to the amount of goods that producers are willing to
sell at a given price during a specified time period. -
Answer-supply
Powers of government that limit private land ownership
rights - Answer-taxation, eminent domain, police power,
escheat
what are the 7 steps of the appraisal process? - Answer-1.
Define the problem
2. scope of work
3. preliminary survey and planning
4. data collection and analysis
5. highest and best use
6. application of the data and the three approaches
7. correlation/reconciliation to final value estimate.
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the basis for the adjustments in the sales comparison
approach to value is what principle? - Answer-contribution
what represents the value of a property for a specific use?
- Answer-value in use
list 2 types of private encumbrances that can be placed on
ownership of real property - Answer-rights of co-owners
condo and subdivision restrictions
covenants, conditions, and restrictions found in the chain
of title to the property
mortgages
easements and rights of way
liens and judgments
leases
what principle states that value is created by the expected
future benefits to be derived from the property? - Answer-
principle of anticipation
what are the six basic rights associated with property? -
Answer-sell
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lease or rent
use
give away
enter or leave
refuse to do any of the above
the ownership of all legal rights to property is known as? -
Answer-Fee Simple or Fee Simple Absolute
which step would you determine the identity of the
property to be appraised in the appraisal process? -
Answer-first step
what are the three types of boundaries used to delineate
neighborhoods? - Answer-political, man-made, and natural
under the step in the appraisal process that is termed data
collection and analysis, specific data include
a. physical data
b. sales data
IAAO 101 – Fundamentals of Real Property Appraisal
Exam COMPLETE VERIFIED QUESTIONS AND
DETAILED SOLUTIONS LATEST UPDATE THIS
YEAR||NEWEST EXAM!!!
what is the typical lifestyle of a neighborhood? - Answer-
growth, stability, decline, and revitalization
what elements of the market place are most likely to
contribute to a change in demand? - Answer-1. consumer
tastes and preferences
2. consumer income
3. price of related commodities
4. consumer expectations
5. price of the commodity
market value is defined as the most probable price of a
property in terms of money, assuming
a. buyer and seller are typically motivated
b. a reasonable time is allowed for exposure
,2|Page
c. payment is made in terms of cash in U.S. dollars or
interms of financial arrangements comparable thereto
d. all of the above - Answer-d. all of the above
refers to the amount of goods that producers are willing to
sell at a given price during a specified time period. -
Answer-supply
Powers of government that limit private land ownership
rights - Answer-taxation, eminent domain, police power,
escheat
what are the 7 steps of the appraisal process? - Answer-1.
Define the problem
2. scope of work
3. preliminary survey and planning
4. data collection and analysis
5. highest and best use
6. application of the data and the three approaches
7. correlation/reconciliation to final value estimate.
,3|Page
the basis for the adjustments in the sales comparison
approach to value is what principle? - Answer-contribution
what represents the value of a property for a specific use?
- Answer-value in use
list 2 types of private encumbrances that can be placed on
ownership of real property - Answer-rights of co-owners
condo and subdivision restrictions
covenants, conditions, and restrictions found in the chain
of title to the property
mortgages
easements and rights of way
liens and judgments
leases
what principle states that value is created by the expected
future benefits to be derived from the property? - Answer-
principle of anticipation
what are the six basic rights associated with property? -
Answer-sell
, 4|Page
lease or rent
use
give away
enter or leave
refuse to do any of the above
the ownership of all legal rights to property is known as? -
Answer-Fee Simple or Fee Simple Absolute
which step would you determine the identity of the
property to be appraised in the appraisal process? -
Answer-first step
what are the three types of boundaries used to delineate
neighborhoods? - Answer-political, man-made, and natural
under the step in the appraisal process that is termed data
collection and analysis, specific data include
a. physical data
b. sales data
