IAAO 101 – QUIZZES EXAM WITH
CORRECT QUESTIONS AND ANSWERS
2025
The basic responsibilities of the assessor are to _________ all taxable property. -
CORRECT-ANSWERSA. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - CORRECT-
ANSWERSconduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value. -
CORRECT-ANSWERSad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the
property tax for the residence. - CORRECT-ANSWERS$3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - CORRECT-
ANSWERS0.1330
______________ divided by the assessed value equals the tax rate. - CORRECT-
ANSWERSBudget
, Assessment level times the tax rate equals the_____________________. - CORRECT-
ANSWERSeffective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - CORRECT-ANSWERS$1.25
____________ is the physical land and everything permanently attached to it. -
CORRECT-ANSWERSreal estate
Which of the following is a governmental restriction to the "bundle of rights"? -
CORRECT-ANSWERSeminent domain
Which of the following is a basic right associated with the ownership of property? -
CORRECT-ANSWERSA. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are_________________. - CORRECT-ANSWERSsupply and demand
___________ is the point at which the forces of supply and demand meet----the point of
balance. - CORRECT-ANSWERSequilibrium
CORRECT QUESTIONS AND ANSWERS
2025
The basic responsibilities of the assessor are to _________ all taxable property. -
CORRECT-ANSWERSA. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - CORRECT-
ANSWERSconduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value. -
CORRECT-ANSWERSad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the
property tax for the residence. - CORRECT-ANSWERS$3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - CORRECT-
ANSWERS0.1330
______________ divided by the assessed value equals the tax rate. - CORRECT-
ANSWERSBudget
, Assessment level times the tax rate equals the_____________________. - CORRECT-
ANSWERSeffective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - CORRECT-ANSWERS$1.25
____________ is the physical land and everything permanently attached to it. -
CORRECT-ANSWERSreal estate
Which of the following is a governmental restriction to the "bundle of rights"? -
CORRECT-ANSWERSeminent domain
Which of the following is a basic right associated with the ownership of property? -
CORRECT-ANSWERSA. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are_________________. - CORRECT-ANSWERSsupply and demand
___________ is the point at which the forces of supply and demand meet----the point of
balance. - CORRECT-ANSWERSequilibrium
