IAAO 500 – REVIEW QUESTIONS EXAM
WITH CORRECT QUESTIONS AND
ANSWERS 2025
What are the five recognized appraisal designations offered by the IAAO that represent
the highest level of achievement in the field? - CORRECT-ANSWERSCAE
AAS
CMS
PPS
RES
Short of a general revaluation of all property,
__________________________________________________________ and
____________________________________________________ produce the single most
impressive dollar return for time and money committed. - CORRECT-
ANSWERSsystematic audit programs
energetic personal property discovery efforts
The theory that underlies taxation is that charges are imposed to support the government
in exchange for the ____________________ and _______________ afforded by the
government to the citizens and their property. - CORRECT-ANSWERSgeneral
advantages
protection
Under the ___________________________________________________-- the due
process of law and equal protection of the law clauses--states cannot assert jurisdiction
, over property or persons unless there is some reasonable relationship between the tax
imposed and the opportunity, benefits, and protection conferred or afforded by the taxing
state. - CORRECT-ANSWERSXIV Amendment to the United States Constitution
Property tax and income tax are examples of a ______________ tax. - CORRECT-
ANSWERSdirect
Sales tax and excise tax are examples of an ___________ tax. - CORRECT-
ANSWERSinternal
The oldest tax revenue sources, and the traditional fiscal bedrock of local and state
government, were the ______________ and _______________. - CORRECT-
ANSWERSpoll tax
property tax
The ____________________________________ guarantees the right of due process and
forbids illegal search and seizure. - CORRECT-ANSWERSFifth Amendment of the Bill
of Rights
List the basic sources of provisions of law affecting assessment practices of the federal
government, state governments and local government agencies. - CORRECT-
ANSWERSConstitutional
Legislative
Executive
Judicial
What tax is bases on an assessed value? - CORRECT-ANSWERSProperty Tax
A __________________ tax is a tax imposed so that the effective tax rate decreases as
the amount to which the rate is applied increases. - CORRECT-ANSWERSregressive
WITH CORRECT QUESTIONS AND
ANSWERS 2025
What are the five recognized appraisal designations offered by the IAAO that represent
the highest level of achievement in the field? - CORRECT-ANSWERSCAE
AAS
CMS
PPS
RES
Short of a general revaluation of all property,
__________________________________________________________ and
____________________________________________________ produce the single most
impressive dollar return for time and money committed. - CORRECT-
ANSWERSsystematic audit programs
energetic personal property discovery efforts
The theory that underlies taxation is that charges are imposed to support the government
in exchange for the ____________________ and _______________ afforded by the
government to the citizens and their property. - CORRECT-ANSWERSgeneral
advantages
protection
Under the ___________________________________________________-- the due
process of law and equal protection of the law clauses--states cannot assert jurisdiction
, over property or persons unless there is some reasonable relationship between the tax
imposed and the opportunity, benefits, and protection conferred or afforded by the taxing
state. - CORRECT-ANSWERSXIV Amendment to the United States Constitution
Property tax and income tax are examples of a ______________ tax. - CORRECT-
ANSWERSdirect
Sales tax and excise tax are examples of an ___________ tax. - CORRECT-
ANSWERSinternal
The oldest tax revenue sources, and the traditional fiscal bedrock of local and state
government, were the ______________ and _______________. - CORRECT-
ANSWERSpoll tax
property tax
The ____________________________________ guarantees the right of due process and
forbids illegal search and seizure. - CORRECT-ANSWERSFifth Amendment of the Bill
of Rights
List the basic sources of provisions of law affecting assessment practices of the federal
government, state governments and local government agencies. - CORRECT-
ANSWERSConstitutional
Legislative
Executive
Judicial
What tax is bases on an assessed value? - CORRECT-ANSWERSProperty Tax
A __________________ tax is a tax imposed so that the effective tax rate decreases as
the amount to which the rate is applied increases. - CORRECT-ANSWERSregressive
