NJ Tax Assessors Exam - Terms and Concepts Exam
Complete Test , Practice Questions, Verified Answer Key,
and Study Guide for (Latest 2026 Edition)
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Terms in this set (158)
What are the three basic requirements of the assessor? Discovery, listing, and valuation
To find effective tax rate multiply the tax rate by ____? Assessment level
The six basic rights associated with property are ______? Sell, lease/rent, use, give away, enter or leave, refusal to do any of the above
What are the three major classifications of property? Real property, personal property, intangible personal property
List the appraisal principles which form the foundation Anticipation, balance, change, competition, conformity, consistent use,
for highest and best use analysis. contribution, increasing and decreasing returns, substitution, supply and
demand, surplus productivity
What are the four forces that influence value? Physical, economic, governmental, social
Highest and best use is always the that use that would Highest value
produce the ______ ____ of a property, regardless of its
actual current use.
The four tests for highest and best use are _____ Legally allowable, physically allowable, financially feasible, maximally
productive
, List the 7 major steps of the appraisal process. 1. Definition of the problem,
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 value used by Cost, sales comparison, and income
appraisers to estimate value?
The land identification system based on semi- Metes and bounds
permanent physical features or bearings on a compass
is known as ____ and ____.
Residential subdivisions are commonly described by Block and lot
the ____ and ____ system of land identification.
Name the 8 characteristics that affect land value. Frontage, width, depth, area, shape, topography, location, and off-site
improvements
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 a structure using Reproduction cost new
the same materials, construction standards, and quality
of workmanship is known as ________ ____ ___
Cost to produce a structure with equivalent utility using Replacement cost new
contemporary materials and standards is known as
_________ ____ ___
Cost of a property when it was originally constructed is Historical
known as __________ cost
The age of a property based on condition and utility is Effective age (EA)
know as the ______ ___.
Compare and contrast remaining economic life (REL) REL estimates the number of years remaining during which improvements
and economic life (TEL). contribute to property. 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
Complete Test , Practice Questions, Verified Answer Key,
and Study Guide for (Latest 2026 Edition)
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
National RE Practice Exam 1 Champions Texas Real Estate Nation... Econ B-251 Exam 2 Study Guide IAA
Teacher 80 terms Teacher 294 terms Teacher 238 terms Te
big_issue Preview Kithome_Jr Preview nusymed Preview
Terms in this set (158)
What are the three basic requirements of the assessor? Discovery, listing, and valuation
To find effective tax rate multiply the tax rate by ____? Assessment level
The six basic rights associated with property are ______? Sell, lease/rent, use, give away, enter or leave, refusal to do any of the above
What are the three major classifications of property? Real property, personal property, intangible personal property
List the appraisal principles which form the foundation Anticipation, balance, change, competition, conformity, consistent use,
for highest and best use analysis. contribution, increasing and decreasing returns, substitution, supply and
demand, surplus productivity
What are the four forces that influence value? Physical, economic, governmental, social
Highest and best use is always the that use that would Highest value
produce the ______ ____ of a property, regardless of its
actual current use.
The four tests for highest and best use are _____ Legally allowable, physically allowable, financially feasible, maximally
productive
, List the 7 major steps of the appraisal process. 1. Definition of the problem,
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 value used by Cost, sales comparison, and income
appraisers to estimate value?
The land identification system based on semi- Metes and bounds
permanent physical features or bearings on a compass
is known as ____ and ____.
Residential subdivisions are commonly described by Block and lot
the ____ and ____ system of land identification.
Name the 8 characteristics that affect land value. Frontage, width, depth, area, shape, topography, location, and off-site
improvements
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 a structure using Reproduction cost new
the same materials, construction standards, and quality
of workmanship is known as ________ ____ ___
Cost to produce a structure with equivalent utility using Replacement cost new
contemporary materials and standards is known as
_________ ____ ___
Cost of a property when it was originally constructed is Historical
known as __________ cost
The age of a property based on condition and utility is Effective age (EA)
know as the ______ ___.
Compare and contrast remaining economic life (REL) REL estimates the number of years remaining during which improvements
and economic life (TEL). contribute to property. 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
