IAAO 101 EXAM WITH CORRECT
QUESTIONS AND ANSWERS 2025
i. ad valorem - CORRECT-ANSWERSAccording to Value
ii. The basic responsibilities of an Appraiser to all taxable property. - CORRECT-
ANSWERS1. Discovery
iii. 2. Listing
iv. 3. Valuation
v. The taxable location of personal property is referred to as its' - CORRECT-
ANSWERSSitus
vi. The type of value usually estimated by an Appraiser is the - CORRECT-
ANSWERSMarket Value
vii. The effective tax rate reflects the ratio between what - CORRECT-ANSWERSThe
current tax bill and the property value
viii. Assessment level times the tax rate equals - CORRECT-ANSWERSThe effective tax rate
ix. _________ divided by the assessed value equals the tax rate. - CORRECT-
ANSWERSBudget
x. _________ is the physical land and everything permanently attached to it. - CORRECT-
ANSWERSReal Estate
xi. Property tax is an _________. - CORRECT-ANSWERSad valorem tax
xii. How do you calculate the Assessment Ratio of a property? - CORRECT-
ANSWERSAssessed Value ÷ Market Value
, xiii. How do you calculate the Tax rate (%) ? - CORRECT-ANSWERSBudgeted Revenue
(Minus any other revenue sources) ÷ Total Assessed Value of all property
xiv. How do you calculate the Property Tax bill? - CORRECT-ANSWERSTax rate X
Assessed value of Property
xv. Fractional Assessment - CORRECT-ANSWERSAn assessed value not statutorily at
100% of market value
xvi. The six basic rights associated with property are: - CORRECT-ANSWERSSLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
xvii. The four factors that influence/effect land values are: - CORRECT-ANSWERSPEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
xviii. _________ consists of movable items not permanently affixed to, or part of the real estate
- CORRECT-ANSWERSPersonal Property
QUESTIONS AND ANSWERS 2025
i. ad valorem - CORRECT-ANSWERSAccording to Value
ii. The basic responsibilities of an Appraiser to all taxable property. - CORRECT-
ANSWERS1. Discovery
iii. 2. Listing
iv. 3. Valuation
v. The taxable location of personal property is referred to as its' - CORRECT-
ANSWERSSitus
vi. The type of value usually estimated by an Appraiser is the - CORRECT-
ANSWERSMarket Value
vii. The effective tax rate reflects the ratio between what - CORRECT-ANSWERSThe
current tax bill and the property value
viii. Assessment level times the tax rate equals - CORRECT-ANSWERSThe effective tax rate
ix. _________ divided by the assessed value equals the tax rate. - CORRECT-
ANSWERSBudget
x. _________ is the physical land and everything permanently attached to it. - CORRECT-
ANSWERSReal Estate
xi. Property tax is an _________. - CORRECT-ANSWERSad valorem tax
xii. How do you calculate the Assessment Ratio of a property? - CORRECT-
ANSWERSAssessed Value ÷ Market Value
, xiii. How do you calculate the Tax rate (%) ? - CORRECT-ANSWERSBudgeted Revenue
(Minus any other revenue sources) ÷ Total Assessed Value of all property
xiv. How do you calculate the Property Tax bill? - CORRECT-ANSWERSTax rate X
Assessed value of Property
xv. Fractional Assessment - CORRECT-ANSWERSAn assessed value not statutorily at
100% of market value
xvi. The six basic rights associated with property are: - CORRECT-ANSWERSSLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
xvii. The four factors that influence/effect land values are: - CORRECT-ANSWERSPEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
xviii. _________ consists of movable items not permanently affixed to, or part of the real estate
- CORRECT-ANSWERSPersonal Property
