5/8/26, 9:31 AM NJ Tax Assessors Exam - Terms and Concepts Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for …
NJ Tax Assessors Exam - Terms and Concepts
Exam Complete Test , Practice Questions, Verified
Answer Key, and Study Guide for (Latest 2026
Edition)
Save Groups
Terms in this set (158)
What are the three basic Discovery, listing, and valuation
requirements of the assessor?
To find effective tax rate multiply the Assessment level
tax rate by ____?
The six basic rights associated with Sell, lease/rent, use, give away, enter or leave,
property are ______? refusal to do any of the above
What are the three major Real property, personal property, intangible
classifications of property? personal property
List the appraisal principles which Anticipation, balance, change, competition,
form the foundation for highest and conformity, consistent use, contribution, increasing
best use analysis. and decreasing returns, substitution, supply and
demand, surplus productivity
What are the four forces that Physical, economic, governmental, social
influence value?
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,5/8/26, 9:31 AM NJ Tax Assessors Exam - Terms and Concepts Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for …
Highest and best use is always the Highest value
that use that would produce the ______
____ of a property, regardless of its
actual current use.
The four tests for highest and best Legally allowable, physically allowable, financially
use are _____ feasible, maximally productive
List the 7 major steps of the appraisal 1. Definition of the problem,
process. 2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to
derive final estimate of defined value
What are the three approaches to Cost, sales comparison, and income
value used by appraisers to estimate
value?
The land identification system based Metes and bounds
on semi-permanent physical features
or bearings on a compass is known
as ____ and ____.
Residential subdivisions are Block and lot
commonly described by the ____ and
____ system of land identification.
Name the 8 characteristics that affect Frontage, width, depth, area, shape, topography,
land value. location, and off-site improvements
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, 5/8/26, 9:31 AM NJ Tax Assessors Exam - Terms and Concepts Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for …
What is the 40-30-20-10 rule? This rule describes the percentage of the value of
each quarter of land based on its depth. The first
25% of the land amounts to 40% of the assessed
value, the next 25% represents 30% of the value,
the next 25% represents 20%, and the final 25%
represents 10%.
Cost to produce an exact replica of Reproduction cost new
a structure using the same materials,
construction standards, and quality
of workmanship is known as ________
____ ___
Cost to produce a structure with Replacement cost new
equivalent utility using contemporary
materials and standards is known as
_________ ____ ___
Cost of a property when it was Historical
originally constructed is known as
__________ cost
The age of a property based on Effective age (EA)
condition and utility is know as the
______ ___.
Compare and contrast remaining REL estimates the number of years remaining
economic life (REL) and economic during which improvements contribute to property.
life (TEL). TEL is the total number of years that improvements
on land contribute to property value.
List the three types of depreciation. Physical deterioration, functional obsolescence,
external (economic) obsolescence
https://quizlet.com/1178040194/nj-tax-assessors-exam-terms-and-concepts-exam-complete-test-practice-questions-verified-answer-key-and-study-gu… 3/25
NJ Tax Assessors Exam - Terms and Concepts
Exam Complete Test , Practice Questions, Verified
Answer Key, and Study Guide for (Latest 2026
Edition)
Save Groups
Terms in this set (158)
What are the three basic Discovery, listing, and valuation
requirements of the assessor?
To find effective tax rate multiply the Assessment level
tax rate by ____?
The six basic rights associated with Sell, lease/rent, use, give away, enter or leave,
property are ______? refusal to do any of the above
What are the three major Real property, personal property, intangible
classifications of property? personal property
List the appraisal principles which Anticipation, balance, change, competition,
form the foundation for highest and conformity, consistent use, contribution, increasing
best use analysis. and decreasing returns, substitution, supply and
demand, surplus productivity
What are the four forces that Physical, economic, governmental, social
influence value?
https://quizlet.com/1178040194/nj-tax-assessors-exam-terms-and-concepts-exam-complete-test-practice-questions-verified-answer-key-and-study-gu… 1/25
,5/8/26, 9:31 AM NJ Tax Assessors Exam - Terms and Concepts Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for …
Highest and best use is always the Highest value
that use that would produce the ______
____ of a property, regardless of its
actual current use.
The four tests for highest and best Legally allowable, physically allowable, financially
use are _____ feasible, maximally productive
List the 7 major steps of the appraisal 1. Definition of the problem,
process. 2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to
derive final estimate of defined value
What are the three approaches to Cost, sales comparison, and income
value used by appraisers to estimate
value?
The land identification system based Metes and bounds
on semi-permanent physical features
or bearings on a compass is known
as ____ and ____.
Residential subdivisions are Block and lot
commonly described by the ____ and
____ system of land identification.
Name the 8 characteristics that affect Frontage, width, depth, area, shape, topography,
land value. location, and off-site improvements
https://quizlet.com/1178040194/nj-tax-assessors-exam-terms-and-concepts-exam-complete-test-practice-questions-verified-answer-key-and-study-gu… 2/25
, 5/8/26, 9:31 AM NJ Tax Assessors Exam - Terms and Concepts Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for …
What is the 40-30-20-10 rule? This rule describes the percentage of the value of
each quarter of land based on its depth. The first
25% of the land amounts to 40% of the assessed
value, the next 25% represents 30% of the value,
the next 25% represents 20%, and the final 25%
represents 10%.
Cost to produce an exact replica of Reproduction cost new
a structure using the same materials,
construction standards, and quality
of workmanship is known as ________
____ ___
Cost to produce a structure with Replacement cost new
equivalent utility using contemporary
materials and standards is known as
_________ ____ ___
Cost of a property when it was Historical
originally constructed is known as
__________ cost
The age of a property based on Effective age (EA)
condition and utility is know as the
______ ___.
Compare and contrast remaining REL estimates the number of years remaining
economic life (REL) and economic during which improvements contribute to property.
life (TEL). TEL is the total number of years that improvements
on land contribute to property value.
List the three types of depreciation. Physical deterioration, functional obsolescence,
external (economic) obsolescence
https://quizlet.com/1178040194/nj-tax-assessors-exam-terms-and-concepts-exam-complete-test-practice-questions-verified-answer-key-and-study-gu… 3/25
