IAAO 101 fundamentals of real property appraisal
Study online at https://quizlet.com/_ht8c2o
1. A Latin phrase meaning "according to value"; used to refer to taxes assessed
on the value of property.: ad valorem
2. what 3 things is the assessor responsible for in regards to all taxable prop-
erty: discovery, listing, and valuation
3. the taxable location of personal property is referred to as its____?: situs
4. an estimate of value, usually in writing, of an adequately described property,
as of a given date?: an appraisal
5. How do you find the jurisdiction's tax rate?: (budget- non-property tax raised funds)/as-
sessed value
6. The type of value usually estimated by the assessor: market value
7. what reflects the ratio between the current tax bill and the property value?-
: Effective Tax Rate
8. What 4 things does a property need to have value?: utility, scarcity, desirability, and
effective purchasing power
9. the use that generates the highest net return to a property over a reasonable
time period is called?: highest and best use
10. what principle states that maximum value of a neighborhood is attained
when the uses of land are perfectly complementary?: principle of balance
11. which appraisal principle affirms that land cannot be valued on the basis of
one use while improvements are valued on the basis of another?: consistent use
12. what are the 4 tests that the appraiser must make in the analysis of highest
and best use?: 1. legally permissible
2. physically possible
3. financially feasible
4. most productive
13. a parcel of land and any structures or improvements that are permanently
affixed thereto?: real estate
14. when is property considered personal?: if it can be moved without causing any damage or
change to either the item of property or the structure to which it is attached
15. assessment level times the tax rate equals?: effective tax rate
16. the point at which the forces of supply and forces of demand meet: equilibrium
, IAAO 101 fundamentals of real property appraisal
Study online at https://quizlet.com/_ht8c2o
17. what are the two types of highest and best use analysis?: 1. as if vacant
2. as if improved
18. what is the typical lifestyle of a neighborhood?: growth, stability, decline, and revitalization
19. what elements of the market place are most likely to contribute to a change
in demand?: 1. consumer tastes and preferences
2. consumer income
3. price of related commodities
4. consumer expectations
5. price of the commodity
20. 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
c. payment is made in terms of cash in U.S. dollars or interms of financial
arrangements comparable thereto
d. all of the above: d. all of the above
21. refers to the amount of goods that producers are willing to sell at a given
price during a specified time period.: supply
22. Powers of government that limit private land ownership rights: taxation, eminent
domain, police power, escheat
23. what are the 7 steps of the appraisal process?: 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.
24. the basis for the adjustments in the sales comparison approach to value is
what principle?: contribution
25. what represents the value of a property for a specific use?: value in use
, IAAO 101 fundamentals of real property appraisal
Study online at https://quizlet.com/_ht8c2o
26. list 2 types of private encumbrances that can be placed on ownership of
real property: 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
27. what principle states that value is created by the expected future benefits
to be derived from the property?: principle of anticipation
28. what are the six basic rights associated with property?: sell
lease or rent
use
give away
enter or leave
refuse to do any of the above
29. the ownership of all legal rights to property is known as?: Fee Simple or Fee Simple
Absolute
30. which step would you determine the identity of the property to be ap-
praised in the appraisal process?: first step
31. what are the three types of boundaries used to delineate neighborhoods?-
: political, man-made, and natural
32. under the step in the appraisal process that is termed data collection and
analysis, specific data include
a. physical data
b. sales data
c. site data
d. economic data: c. site data
33. name the 4 forces that influence value and must be considered in neigh-
borhood analysis.: 1. physical (environmental)
2. economic
Study online at https://quizlet.com/_ht8c2o
1. A Latin phrase meaning "according to value"; used to refer to taxes assessed
on the value of property.: ad valorem
2. what 3 things is the assessor responsible for in regards to all taxable prop-
erty: discovery, listing, and valuation
3. the taxable location of personal property is referred to as its____?: situs
4. an estimate of value, usually in writing, of an adequately described property,
as of a given date?: an appraisal
5. How do you find the jurisdiction's tax rate?: (budget- non-property tax raised funds)/as-
sessed value
6. The type of value usually estimated by the assessor: market value
7. what reflects the ratio between the current tax bill and the property value?-
: Effective Tax Rate
8. What 4 things does a property need to have value?: utility, scarcity, desirability, and
effective purchasing power
9. the use that generates the highest net return to a property over a reasonable
time period is called?: highest and best use
10. what principle states that maximum value of a neighborhood is attained
when the uses of land are perfectly complementary?: principle of balance
11. which appraisal principle affirms that land cannot be valued on the basis of
one use while improvements are valued on the basis of another?: consistent use
12. what are the 4 tests that the appraiser must make in the analysis of highest
and best use?: 1. legally permissible
2. physically possible
3. financially feasible
4. most productive
13. a parcel of land and any structures or improvements that are permanently
affixed thereto?: real estate
14. when is property considered personal?: if it can be moved without causing any damage or
change to either the item of property or the structure to which it is attached
15. assessment level times the tax rate equals?: effective tax rate
16. the point at which the forces of supply and forces of demand meet: equilibrium
, IAAO 101 fundamentals of real property appraisal
Study online at https://quizlet.com/_ht8c2o
17. what are the two types of highest and best use analysis?: 1. as if vacant
2. as if improved
18. what is the typical lifestyle of a neighborhood?: growth, stability, decline, and revitalization
19. what elements of the market place are most likely to contribute to a change
in demand?: 1. consumer tastes and preferences
2. consumer income
3. price of related commodities
4. consumer expectations
5. price of the commodity
20. 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
c. payment is made in terms of cash in U.S. dollars or interms of financial
arrangements comparable thereto
d. all of the above: d. all of the above
21. refers to the amount of goods that producers are willing to sell at a given
price during a specified time period.: supply
22. Powers of government that limit private land ownership rights: taxation, eminent
domain, police power, escheat
23. what are the 7 steps of the appraisal process?: 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.
24. the basis for the adjustments in the sales comparison approach to value is
what principle?: contribution
25. what represents the value of a property for a specific use?: value in use
, IAAO 101 fundamentals of real property appraisal
Study online at https://quizlet.com/_ht8c2o
26. list 2 types of private encumbrances that can be placed on ownership of
real property: 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
27. what principle states that value is created by the expected future benefits
to be derived from the property?: principle of anticipation
28. what are the six basic rights associated with property?: sell
lease or rent
use
give away
enter or leave
refuse to do any of the above
29. the ownership of all legal rights to property is known as?: Fee Simple or Fee Simple
Absolute
30. which step would you determine the identity of the property to be ap-
praised in the appraisal process?: first step
31. what are the three types of boundaries used to delineate neighborhoods?-
: political, man-made, and natural
32. under the step in the appraisal process that is termed data collection and
analysis, specific data include
a. physical data
b. sales data
c. site data
d. economic data: c. site data
33. name the 4 forces that influence value and must be considered in neigh-
borhood analysis.: 1. physical (environmental)
2. economic
