IAAO 101 – Review| 2023 Questions and
Answers with complete solution| A Graded
The property tax is an ____ __________ tax, meaning it is based on value. - -ad
valorem
-The assessor is responsible for the _______, ________, and __________ of all
taxable property. - -discovery
listing
valuation
-The taxable location of personal property is referred to as its __________. - -situs
-An estimate of value, usually in writing, of an adequately described property, as of a
given date, is termed ___ ___________. - -an appraisal
-A jurisdiction's tax rate is determined by dividing the _________ to be derived from
property tax by the total _________ ____________ of the taxing jurisdiction. - -
budget
assessed valuation
-The type of value usually estimated by the assessor is __________ value. - -market
-The _________ ________ _________ reflects the ratio between the current tax
bill and the property value. - -effective tax rate
-In order for a property to have value, it must have ______, _______, ________
and __________ __________ _________. - -utility
scarcity
desirability
effective purchasing power
-The use that generates the highest net return to a property over a reasonable time
period is called ________ _______ _________ _________. - -highest and best
use
-The principle of __________ states that maximum value of a neighborhood is
attained when the uses of land are perfectly complementary. - -balance
, -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
-List the four tests that the appraiser must make in the analysis of the highest and best
use. - -Legally permissible
Physically possible
Financially feasible
Most productive
-_______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. - -Real estate
-Property is considered ________ 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. - -personal
-Assessment level times the tax rate equals the _________ ______ ________. - -
effective tax rate
-____________ is the point at which the forces of supply and forces of demand meet.
- -Equilibrium
-List the two types of highest and best use analysis. - -A. As if vacant.
B. As if improved.
-The typical life cycle of a neighborhood includes ________, ________, _______
and ___________. - -growth
stability
decline
revitalization
-What elements of the marketplace are most likely to contribute to a change in
demand? - -Consumer tastes and preferences
Consumer income
Price of related commodities
Consumer expectations
Price of the commodity
-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 in the open market.
Answers with complete solution| A Graded
The property tax is an ____ __________ tax, meaning it is based on value. - -ad
valorem
-The assessor is responsible for the _______, ________, and __________ of all
taxable property. - -discovery
listing
valuation
-The taxable location of personal property is referred to as its __________. - -situs
-An estimate of value, usually in writing, of an adequately described property, as of a
given date, is termed ___ ___________. - -an appraisal
-A jurisdiction's tax rate is determined by dividing the _________ to be derived from
property tax by the total _________ ____________ of the taxing jurisdiction. - -
budget
assessed valuation
-The type of value usually estimated by the assessor is __________ value. - -market
-The _________ ________ _________ reflects the ratio between the current tax
bill and the property value. - -effective tax rate
-In order for a property to have value, it must have ______, _______, ________
and __________ __________ _________. - -utility
scarcity
desirability
effective purchasing power
-The use that generates the highest net return to a property over a reasonable time
period is called ________ _______ _________ _________. - -highest and best
use
-The principle of __________ states that maximum value of a neighborhood is
attained when the uses of land are perfectly complementary. - -balance
, -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
-List the four tests that the appraiser must make in the analysis of the highest and best
use. - -Legally permissible
Physically possible
Financially feasible
Most productive
-_______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. - -Real estate
-Property is considered ________ 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. - -personal
-Assessment level times the tax rate equals the _________ ______ ________. - -
effective tax rate
-____________ is the point at which the forces of supply and forces of demand meet.
- -Equilibrium
-List the two types of highest and best use analysis. - -A. As if vacant.
B. As if improved.
-The typical life cycle of a neighborhood includes ________, ________, _______
and ___________. - -growth
stability
decline
revitalization
-What elements of the marketplace are most likely to contribute to a change in
demand? - -Consumer tastes and preferences
Consumer income
Price of related commodities
Consumer expectations
Price of the commodity
-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 in the open market.
