IAAO 101 - REVIEW QUESTIONS
AND ANSWERS
The property tax is an ____ __________ tax, meaning it is based on value. - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ad valorem sw
The assessor is responsible for the _______, ________, and __________ of all taxable pr
sw sw sw sw sw sw sw sw sw sw sw sw sw
operty. - ans-discovery sw sw
listing
valuation
The taxable location of personal property is referred to as its __________. - ans-situs
sw sw sw sw sw sw sw sw sw sw sw sw sw
An estimate of value, usually in writing, of an adequately described property, as of a given
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
date, is termed ___ ___________. - ans-an appraisal
sw sw sw sw sw sw sw
A jurisdiction's tax rate is determined by dividing the _________ to be derived from propert
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
y tax by the total _________ ____________ of the taxing jurisdiction. - ans-budget
sw sw sw sw sw sw sw sw sw sw sw sw
assessed valuation sw
The type of value usually estimated by the assessor is __________ value. - ans-market
sw sw sw sw sw sw sw sw sw sw sw sw sw
The _________ ________ _________ reflects the ratio between the current tax bill and th
sw sw sw sw sw sw sw sw sw sw sw sw sw
e property value. - ans-effective tax rate
sw sw sw sw sw sw
In order for a property to have value, it must have ______, _______, ________ and _____
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
_____ __________ _________. - ans-utility
sw sw sw sw
scarcity
desirability
effective purchasing power sw sw
The use that generates the highest net return to a property over a reasonable time period i
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
s called ________ _______ _________ _________. - ans-highest and best use
sw sw sw sw sw sw sw sw sw sw
The principle of __________ states that maximum value of a neighborhood is attained wh
sw sw sw sw sw sw sw sw sw sw sw sw sw
en the uses of land are perfectly complementary. - ans-balance
sw sw sw sw sw sw sw sw sw
Which appraisal principle affirms that land cannot be valued on the basis of one use while i
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
mprovements are valued on the basis of another? - ans-Consistent use sw sw sw sw sw sw sw sw sw sw
, List the four tests that the appraiser must make in the analysis of the highest and best use.
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
- ans-Legally permissible
sw sw
Physically possible sw
Financially feasible sw
Most productive sw
_______ ________ is a parcel of land and any structures or improvements that are perma
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
nently affixed thereto. - ans-Real estatesw sw sw sw sw
Property is considered ________ if it can be moved without causing any damage or chang
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
e to either the item of property or the structure to which it is attached. - ans-personal
sw sw sw sw sw 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 sw sw sw
effective tax rate sw sw
____________ is the point at which the forces of supply and forces of demand meet. - sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ans-Equilibrium
sw
List the two types of highest and best use analysis. - ans-A. As if vacant.
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
B. As if improved.
sw sw sw
The typical life cycle of a neighborhood includes ________, ________, _______ and ____
sw sw sw sw sw sw sw sw sw sw sw sw
_______. - ans-growth sw sw
stability
decline
revitalization
What elements of the marketplace are most likely to contribute to a change in demand? -
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ans-Consumer tastes and preferences
sw sw sw sw
Consumer income sw
Price of related commodities sw sw sw
Consumer expectations sw
Price of the commodity sw sw sw
Market value is defined as the most probable price of a property in terms of money, assum
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ing - ans-A. Buyer and seller are typically motivated
sw sw sw sw sw sw sw sw
B. A reasonable time is allowed for exposure in the open market.
sw sw sw sw sw sw sw sw sw sw sw
C. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements c
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
omparable thereto. sw
D. All of the above.
sw sw sw sw
________ refers to the amount of goods that producers are willing to sell at a given price d
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
uring a specified time period. - ans-Supply
sw sw sw sw sw sw
AND ANSWERS
The property tax is an ____ __________ tax, meaning it is based on value. - ans-
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ad valorem sw
The assessor is responsible for the _______, ________, and __________ of all taxable pr
sw sw sw sw sw sw sw sw sw sw sw sw sw
operty. - ans-discovery sw sw
listing
valuation
The taxable location of personal property is referred to as its __________. - ans-situs
sw sw sw sw sw sw sw sw sw sw sw sw sw
An estimate of value, usually in writing, of an adequately described property, as of a given
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
date, is termed ___ ___________. - ans-an appraisal
sw sw sw sw sw sw sw
A jurisdiction's tax rate is determined by dividing the _________ to be derived from propert
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
y tax by the total _________ ____________ of the taxing jurisdiction. - ans-budget
sw sw sw sw sw sw sw sw sw sw sw sw
assessed valuation sw
The type of value usually estimated by the assessor is __________ value. - ans-market
sw sw sw sw sw sw sw sw sw sw sw sw sw
The _________ ________ _________ reflects the ratio between the current tax bill and th
sw sw sw sw sw sw sw sw sw sw sw sw sw
e property value. - ans-effective tax rate
sw sw sw sw sw sw
In order for a property to have value, it must have ______, _______, ________ and _____
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
_____ __________ _________. - ans-utility
sw sw sw sw
scarcity
desirability
effective purchasing power sw sw
The use that generates the highest net return to a property over a reasonable time period i
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
s called ________ _______ _________ _________. - ans-highest and best use
sw sw sw sw sw sw sw sw sw sw
The principle of __________ states that maximum value of a neighborhood is attained wh
sw sw sw sw sw sw sw sw sw sw sw sw sw
en the uses of land are perfectly complementary. - ans-balance
sw sw sw sw sw sw sw sw sw
Which appraisal principle affirms that land cannot be valued on the basis of one use while i
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
mprovements are valued on the basis of another? - ans-Consistent use sw sw sw sw sw sw sw sw sw sw
, List the four tests that the appraiser must make in the analysis of the highest and best use.
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
- ans-Legally permissible
sw sw
Physically possible sw
Financially feasible sw
Most productive sw
_______ ________ is a parcel of land and any structures or improvements that are perma
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
nently affixed thereto. - ans-Real estatesw sw sw sw sw
Property is considered ________ if it can be moved without causing any damage or chang
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
e to either the item of property or the structure to which it is attached. - ans-personal
sw sw sw sw sw 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 sw sw sw
effective tax rate sw sw
____________ is the point at which the forces of supply and forces of demand meet. - sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ans-Equilibrium
sw
List the two types of highest and best use analysis. - ans-A. As if vacant.
sw sw sw sw sw sw sw sw sw sw sw sw sw sw
B. As if improved.
sw sw sw
The typical life cycle of a neighborhood includes ________, ________, _______ and ____
sw sw sw sw sw sw sw sw sw sw sw sw
_______. - ans-growth sw sw
stability
decline
revitalization
What elements of the marketplace are most likely to contribute to a change in demand? -
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ans-Consumer tastes and preferences
sw sw sw sw
Consumer income sw
Price of related commodities sw sw sw
Consumer expectations sw
Price of the commodity sw sw sw
Market value is defined as the most probable price of a property in terms of money, assum
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
ing - ans-A. Buyer and seller are typically motivated
sw sw sw sw sw sw sw sw
B. A reasonable time is allowed for exposure in the open market.
sw sw sw sw sw sw sw sw sw sw sw
C. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements c
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
omparable thereto. sw
D. All of the above.
sw sw sw sw
________ refers to the amount of goods that producers are willing to sell at a given price d
sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw sw
uring a specified time period. - ans-Supply
sw sw sw sw sw sw
