IAAO 101 – REVIEW QUESTIONS EXAM
WITH CORRECT QUESTIONS AND
ANSWERS 2025
i. The property tax is an ____ __________ tax, meaning it is based on value. - CORRECT-
ANSWERSad valorem
ii. The assessor is responsible for the _______, ________, and __________ of all taxable
property. - CORRECT-ANSWERSdiscovery
iii. listing
iv. valuation
v. The taxable location of personal property is referred to as its __________. - CORRECT-
ANSWERSsitus
vi. An estimate of value, usually in writing, of an adequately described property, as of a
given date, is termed ___ ___________. - CORRECT-ANSWERSan appraisal
vii. A jurisdiction's tax rate is determined by dividing the _________ to be derived from
property tax by the total _________ ____________ of the taxing jurisdiction. -
CORRECT-ANSWERSbudget
viii. assessed valuation
ix. The type of value usually estimated by the assessor is __________ value. - CORRECT-
ANSWERSmarket
x. The _________ ________ _________ reflects the ratio between the current tax bill and
the property value. - CORRECT-ANSWERSeffective tax rate
, xi. In order for a property to have value, it must have ______, _______, ________ and
__________ __________ _________. - CORRECT-ANSWERSutility
xii. scarcity
xiii. desirability
xiv. effective purchasing power
xv. The use that generates the highest net return to a property over a reasonable time period is
called ________ _______ _________ _________. - CORRECT-ANSWERShighest and
best use
xvi. The principle of __________ states that maximum value of a neighborhood is attained
when the uses of land are perfectly complementary. - CORRECT-ANSWERSbalance
xvii. Which appraisal principle affirms that land cannot be valued on the basis of one use
while improvements are valued on the basis of another? - CORRECT-
ANSWERSConsistent use
xviii. List the four tests that the appraiser must make in the analysis of the highest and best use.
- CORRECT-ANSWERSLegally permissible
xix. Physically possible
xx. Financially feasible
xxi. Most productive
xxii. _______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. - CORRECT-ANSWERSReal estate
xxiii. 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. - CORRECT-
ANSWERSpersonal
WITH CORRECT QUESTIONS AND
ANSWERS 2025
i. The property tax is an ____ __________ tax, meaning it is based on value. - CORRECT-
ANSWERSad valorem
ii. The assessor is responsible for the _______, ________, and __________ of all taxable
property. - CORRECT-ANSWERSdiscovery
iii. listing
iv. valuation
v. The taxable location of personal property is referred to as its __________. - CORRECT-
ANSWERSsitus
vi. An estimate of value, usually in writing, of an adequately described property, as of a
given date, is termed ___ ___________. - CORRECT-ANSWERSan appraisal
vii. A jurisdiction's tax rate is determined by dividing the _________ to be derived from
property tax by the total _________ ____________ of the taxing jurisdiction. -
CORRECT-ANSWERSbudget
viii. assessed valuation
ix. The type of value usually estimated by the assessor is __________ value. - CORRECT-
ANSWERSmarket
x. The _________ ________ _________ reflects the ratio between the current tax bill and
the property value. - CORRECT-ANSWERSeffective tax rate
, xi. In order for a property to have value, it must have ______, _______, ________ and
__________ __________ _________. - CORRECT-ANSWERSutility
xii. scarcity
xiii. desirability
xiv. effective purchasing power
xv. The use that generates the highest net return to a property over a reasonable time period is
called ________ _______ _________ _________. - CORRECT-ANSWERShighest and
best use
xvi. The principle of __________ states that maximum value of a neighborhood is attained
when the uses of land are perfectly complementary. - CORRECT-ANSWERSbalance
xvii. Which appraisal principle affirms that land cannot be valued on the basis of one use
while improvements are valued on the basis of another? - CORRECT-
ANSWERSConsistent use
xviii. List the four tests that the appraiser must make in the analysis of the highest and best use.
- CORRECT-ANSWERSLegally permissible
xix. Physically possible
xx. Financially feasible
xxi. Most productive
xxii. _______ ________ is a parcel of land and any structures or improvements that are
permanently affixed thereto. - CORRECT-ANSWERSReal estate
xxiii. 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. - CORRECT-
ANSWERSpersonal
