IAAO 101 – QUIZZES QUESTIONS AND
ANSWERS
The basic responsibilities of the assessor are to _________ all taxable property. - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw
A. List
sw
B. Value
sw
C. Discover
sw
D. All of the Above
sw sw sw sw
One of the steps an assessor must take in the discovery of property is to: - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
conduct periodic on-site inspections of properties
sw sw sw sw sw
The property tax is a/an _________________ tax, meaning it is based on value. - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ad valorem
sw
Assume the following characteristics for a single-family residence:
sw sw sw sw sw sw sw
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the p
sw sw sw sw sw sw sw sw sw sw
roperty tax for the residence. - ans-$3248.00
sw sw sw sw sw sw
If a tax rate is $13.30 per 100, the decimal equivalent would be - ans-0.1330
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
______________ divided by the assessed value equals the tax rate. - ans-Budget sw sw sw sw sw sw sw sw sw sw sw
Assessment level times the tax rate equals the_____________________. - ans- sw sw sw sw sw sw sw sw sw
effective tax rate sw sw
Given the following, compute a tax rate using dollars per hundred:
sw sw sw sw sw sw sw sw sw sw
Budget: $6,000,000 sw
Market Value: $800,000,000 sw sw
Assessment Level: 50% sw sw
Non-property tax revenu: $1,000.000 - ans-$1.25 sw sw sw sw sw
____________ is the physical land and everything permanently attached to it. - ans- sw sw sw sw sw sw sw sw sw sw sw sw
real estate sw
, Which of the following is a governmental restriction to the "bundle of rights"? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
eminent domain sw
Which of the following is a basic right associated with the ownership of property? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
A. to use sw sw
B. to lease or rent
sw sw sw sw
C. to enter or leave
sw sw sw sw
D. All of the above
sw sw sw sw
In order for a property to have value, it must have utility, scarcity, desirability, and effective
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
purchasing power. the economic forces that determine scarcity are_________________.
sw sw sw sw sw sw sw sw sw
- ans-supply and demand
sw sw sw
___________ is the point at which the forces of supply and demand meet---- sw sw sw sw sw sw sw sw sw sw sw sw
the point of balance. - ans-equilibrium
sw sw sw sw sw
A/
an ___________ interest is ownership of all the rights in a property, except those reserved
sw sw sw sw sw sw sw sw sw sw sw sw sw sw s
by the government, and with no private encumbrances. - ans-fee simple
w sw sw sw sw sw sw sw sw sw sw
In the appraisal process, data collection requires the assessor to collect - ans-
sw sw sw sw sw sw sw sw sw sw sw sw
A. general data
sw sw
B. specific data
sw sw
C. comparative data
sw sw
D. All of the above
sw sw sw sw
Which of the following is not one of the four great forces by which value is created, maintai
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ned, modified or destroyed? - ans-conceptual
sw sw sw sw sw
A ______________ may be defined as an area of complementary land uses in which all pr
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
operties are similarly influenced by the four forces affecting value. - ans-neighborhood
sw sw sw sw sw sw sw sw sw sw sw
What element of the marketplace is likely to contribute to a change in demand? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
consumer expectations sw
What element of the marketplace is likely to contribute to a change in supply? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
entrepreneur expectations sw
A township in the Public Land Survey System contains _____ sections, with each section
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
containing _____ acres. - ans-36 sw sw sw sw
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. - ans-2.5
sw sw sw sw sw sw
ANSWERS
The basic responsibilities of the assessor are to _________ all taxable property. - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw
A. List
sw
B. Value
sw
C. Discover
sw
D. All of the Above
sw sw sw sw
One of the steps an assessor must take in the discovery of property is to: - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
conduct periodic on-site inspections of properties
sw sw sw sw sw
The property tax is a/an _________________ tax, meaning it is based on value. - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ad valorem
sw
Assume the following characteristics for a single-family residence:
sw sw sw sw sw sw sw
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the p
sw sw sw sw sw sw sw sw sw sw
roperty tax for the residence. - ans-$3248.00
sw sw sw sw sw sw
If a tax rate is $13.30 per 100, the decimal equivalent would be - ans-0.1330
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
______________ divided by the assessed value equals the tax rate. - ans-Budget sw sw sw sw sw sw sw sw sw sw sw
Assessment level times the tax rate equals the_____________________. - ans- sw sw sw sw sw sw sw sw sw
effective tax rate sw sw
Given the following, compute a tax rate using dollars per hundred:
sw sw sw sw sw sw sw sw sw sw
Budget: $6,000,000 sw
Market Value: $800,000,000 sw sw
Assessment Level: 50% sw sw
Non-property tax revenu: $1,000.000 - ans-$1.25 sw sw sw sw sw
____________ is the physical land and everything permanently attached to it. - ans- sw sw sw sw sw sw sw sw sw sw sw sw
real estate sw
, Which of the following is a governmental restriction to the "bundle of rights"? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
eminent domain sw
Which of the following is a basic right associated with the ownership of property? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
A. to use sw sw
B. to lease or rent
sw sw sw sw
C. to enter or leave
sw sw sw sw
D. All of the above
sw sw sw sw
In order for a property to have value, it must have utility, scarcity, desirability, and effective
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
purchasing power. the economic forces that determine scarcity are_________________.
sw sw sw sw sw sw sw sw sw
- ans-supply and demand
sw sw sw
___________ is the point at which the forces of supply and demand meet---- sw sw sw sw sw sw sw sw sw sw sw sw
the point of balance. - ans-equilibrium
sw sw sw sw sw
A/
an ___________ interest is ownership of all the rights in a property, except those reserved
sw sw sw sw sw sw sw sw sw sw sw sw sw sw s
by the government, and with no private encumbrances. - ans-fee simple
w sw sw sw sw sw sw sw sw sw sw
In the appraisal process, data collection requires the assessor to collect - ans-
sw sw sw sw sw sw sw sw sw sw sw sw
A. general data
sw sw
B. specific data
sw sw
C. comparative data
sw sw
D. All of the above
sw sw sw sw
Which of the following is not one of the four great forces by which value is created, maintai
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ned, modified or destroyed? - ans-conceptual
sw sw sw sw sw
A ______________ may be defined as an area of complementary land uses in which all pr
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
operties are similarly influenced by the four forces affecting value. - ans-neighborhood
sw sw sw sw sw sw sw sw sw sw sw
What element of the marketplace is likely to contribute to a change in demand? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
consumer expectations sw
What element of the marketplace is likely to contribute to a change in supply? - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
entrepreneur expectations sw
A township in the Public Land Survey System contains _____ sections, with each section
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
containing _____ acres. - ans-36 sw sw sw sw
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. - ans-2.5
sw sw sw sw sw sw
