Certified Pennsylvania Evaluator (CPE) Exam Questions And Answers Latest Updated 2024/2025 | Rated A+

Certified Pennsylvania Evaluator (CPE) Exam Questions And Answers Latest Updated 2024/2025 | Rated A+. Assessor - Correct Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Correct Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Correct Answer-Has two values, Value in Use and Value in Exchange An Assessor is accountable to whom? - Correct Answer-Himself, taxpayers and all taxing authorities In order for an assessor to accomplish the task of discovering property, the assessor needs what? - Correct Answer-An adequate mapping system ( GIS) showing every parcel of land. Last day to submit an appeal - Correct Answer-September 1 All appeals must be heard and decided by what date? - Correct Answer-October 31st Last day to apply for the Homestead/Farmstead Exclusion - Correct Answer-March 1st Last day to apply for the Clean and Green program for the next tax year - Correct Answer-June 1st Date that public notice must be given that tax rolls are open for public inspection - Correct Answer-July 1st STEB must certify to all assessment Office their CLR's by which date? - Correct Answer-July 1st All notice of appeal decisions must be mailed - Correct Answer-November 15th Assessors Certification Date - Correct Answer-November 15th Levels of appeal process - Correct Answer-1. County Board of Assessment Appeals, 2. Court of Common Pleas of Pennsylvania, 3.Commonwealth Court of Pennsylvania, 4.Superior Court of Pennsylvania Certified Pennsylvania Evaluator (CPE) Exam Questions And Answers Latest Updated 2024- 2025 | Rated A+ Assessors are charged with the responsibility of administering what? - Correct AnswerA uniform and equitable assessment system March 17th 1987 - Correct Answer-The Assessors Certification Act required that all persons responsible for the valuation of real property for ad valorem taxation purposes be certified to do so by he State Tax Equalization Board. Has three years from the start of employment to become certified March 17, 1992 - Correct Answer-The responsibility to certify assessors shifted from the State Tax Equalization Board to the State Board of Certified Real Estate Appraisers. State Board of Certified Real Estate Appraisers - Correct Answer-The state board certification body To be certified by the State Board of Certified Real Estate Appraisers, the assessor must: - Correct Answer-1. Possess a high school diploma, or its equivalent, or two years of assessing experience 2. Shall be at least 18 years of age 3. Shall be a resident of this Commonwealth for at least six months 4. Successfully completed a minimum of 90 hours of the basic course of study of the International Association of Assessing Officers (IAO) or the Assessors Association of Pennsylvania (AAP) 5. This act does not apply to counties of the First Class (Philadelphia Counties) How often must an assessor recertify? - Correct Answer-Every two years. June 30 Odd number years (license runs out) July 1 odd number of years (starts a new license year) Example: July 1, 2009 to June 20, 2011 To become re-certified the assessor must accumulate how many hours of continuing professional education credits? - Correct Answer-28 hours 7 hours must be on USPAP (Uniform Standards of Professional Appraisal Practice) 2 hours must be on Assessor's Certification Act (Act 28 of 1992) The State Board of Certified Real Estate Appraisers approves the courses or activities necessary to comply with the re-certification requirements ASB - Correct Answer-Appraisal Standards Board An appraiser must perform assignments with what? - Correct Answer-Impartiality, Objectivity and Independence, without accommodation of personal interest How long must an appraiser retain his/her workfile? - Correct Answer-5 years after preparation or 2 years after final disposition of any judicial processing. Whichever expires last! Workfile must include the following: - Correct Answer-1. Name of the client and the identity, by name or type, of any intended users 2. True copies of any written reports, documents on any type of media 3. Summaries of any oral reports or testimony, or a transcript of testimony, including the appraiser's signed and dated certification 4. All other date, information, and documentation necessary to support the appraiser's opinions and conclusions and to show compliance with this Rule and all other applicable Standers, or references to the location(s) of such other To have a successful assessment office the assessor must have? - Correct Answer-The trust of those he or she serves The assessor and his staff should always consider themselves what? - Correct AnswerGood will ambassadors of the taxation process and county government As assessment office must have which legally required materials readily available and easily accessible to the public? - Correct Answer-1. property record cards 2. maps 3. Tax duplicates 4. alphabetical index Title 53 Purdons - Correct Answer-The volume that has pertinent court cases and taxation laws for Pennsylvania assessment. Ad valorem - Correct Answer-At value. The ad valorem tax is one which is based on the value of tangible and intangible property. Article VIII Section 1 - Correct Answer-This is known as the uniformity clause of the Pennsylvania constitution. Provides that all persons and property (tangible and intangible) be assessed and taxed uniformly as a class. Uniformity! Mill - Correct Answer-one dollar of tax per every one thousand dollars of assessed value Assessment X Millage Rate = - Correct Answer-Taxes to be paid by the taxpayer Base Year Market Value X Predetermined Ratio= - Correct Answer-Assessment Real Estate - Correct Answer-The physical land and everything permanently attached to it. Strictly Tangible Tangible - Correct Answer-What you can see and touch Real Property - Correct Answer-Sum of the tangible and intangible rights in lands and improvements to land. It refers to the interest, benefits and rights inherent in the ownership of physical real estate. Personal Property - Correct Answer-Moveable items not permanently affixed to, or part of, the real estate Common Level Ratio - Correct Answer-Weighted sales ratio that examines the relationship between the assessment and current sales price. The ratio of the current existing assessments to the current validated sales price of properties that have sold. STEB sets this before July 1st. STEB must certify the CLR by? - Correct Answer-July 1st STEB must certified the CLR on or before? - Correct Answer-June 30th Assessment/Sales Price - Correct Answer-Common Level Ratio Predetermined Ratio - Correct Answer-A percentage of the appraised value set by the County Commissioners that determines the assessed value. Methods used for discovery - Correct Answer-1. Deeds 2. Subdivision Plans 3. Aerial and Tax Maps 4. GIS 5. Building and Occupancy Permits 6. Field Reviews Plotting a deed - Correct Answer-Adjusting a tax map according to the new deed involves reading the description on the deed, making calculations, measuring the existing map and drawing new lines. Field Review - Correct Answer-The most widely used system to validate current information and discover new physical characteristics. Listing/Inventorying - Correct Answer-You record the property components and description for future reference Value - Correct Answer-The present worth of future benefits arising from the ownership of real property Cost - Correct Answer-The sacrifice made (in terms of money, time or labor) to acquire property Price - Correct Answer-The quantity of one thing which is exchanged for another; the amount of money paid, asked or offered where sale is contemplated; the money consideration which is expected or given in exchange for commodities or services. Sometimes value expressed in terms of money. Market Value - Correct Answer-The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer whereby: 1. Buyer and seller are typically motivated 2. Both parties are well informed or well advised, and asking in what thy consider their best interests 3. A reasonable time is allowed for exposure in the open market 4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Market Price - Correct Answer-The actual amount paid, or to be paid, for a property in a particular transaction Deed - Correct Answer-A written document under seal conveying real estate. Types: Warranty and Quit Claim Warranty Deed - Correct Answer-A deed in which the grantor warrants the title to be good and accurate and agrees to defend the title against all parties. When a true owner of record transfers the ownership. This is guaranteed. 1. Grantor has the right to convey the real estate 2. grantor is the owner of the real estate mentioned 3. That the land is free and clear of all encumbrances, liens, bargains, sales, taxes 4. That the grantee will have quiet enjoyment of the real estate and not be pout out by someone with a superior title 5. That the grantee has legal recourse against the grantor should there be any problem with the title. Quit Claim Deed - Correct Answer-The deed by which the grantor conveys only the interest he or she may have in the property Fee Simple Title - Correct Answer-The greatest degree of ownership. It is title free and clear of all liens & encumbrances. ...No taxes, no loans. Owner owns the bundle of rights Ad Valorem - Correct Answer-Latin for "according to value". Ad Valorem Taxation - Correct Answer-Taxes are levied according to the value of the property Base Year - Correct Answer-The year upon which real property values are based for the most recent countywide reassessment or other prior year for which the market value of all real estate of the county is based. Tangible Property - Correct Answer-Can be seen and touched. Consists of actual physical things. Intangible Property - Correct Answer-Cannot be seen or touched; it is evidence of ownership rights. Examples: stocks, bonds, mortgages and copy rights...rights you have as a owner. Property - Correct Answer-Can be tangible or intangible, and can be real or personal Personal Property - Correct Answer-Property that is tangible; it can be moved by its owner. Chattel or fixture Chattel - Correct Answer-Personal property not permanently affixed to land Fixture - Correct Answer-personal property is permanently affixed to the land Bundle of Rights - Correct Answer-S- Sell L- Lease U-Use G-Give away E-Enter/leave R-Refuse to do anything Public Limitations - Correct Answer-P-police power