IAAO 400 Exam Latest Update
Questions & Answers with Rationales| 100%
Correct | Grade.
1) A property assessment system Discovery, Listing, and Valuing
organizes resources to carry out the
primary assessment responsibilities
of , , and properties, in accordance
with property tax laws and
regulations.
2) Name the 14 Attributes of an Legal, Ratio Studies, Adequate
Effective Assessment System Budget, Competent Staff/Effective
Training Program, Effective Internal
Controls, Organizational Plan,
Standards of Practice, Monitoring
Activities, Security Procedures,
Complete Maps and Property Data,
Accurate Market Data, Information
, Systems, Effective Valuation
techniques, and Active Public
Relations Program
3) What must sellers disclose to Sales price, rents, and operating
assessor upon sale of property expenses
4) What must assessor disclose to Increases in tax levies
Taxpayers
5) Who uses Ratio Studies and why Oversight agencies to determine
compliance with laws and
regulations; also used for internal
quality control
6) Budget An expression of political support
for accurate and equitable
assessments.
7) Planning and Quality Assurance What are the two categories under
Effective Internal Controls
8) Planning Setting realistic and specific goals
to assure laws and regulations are
met.
9) Quality Assurance A continuous process of testing
work products and flows to assure
that the plan is executed and
ensure compliance with laws and
Questions & Answers with Rationales| 100%
Correct | Grade.
1) A property assessment system Discovery, Listing, and Valuing
organizes resources to carry out the
primary assessment responsibilities
of , , and properties, in accordance
with property tax laws and
regulations.
2) Name the 14 Attributes of an Legal, Ratio Studies, Adequate
Effective Assessment System Budget, Competent Staff/Effective
Training Program, Effective Internal
Controls, Organizational Plan,
Standards of Practice, Monitoring
Activities, Security Procedures,
Complete Maps and Property Data,
Accurate Market Data, Information
, Systems, Effective Valuation
techniques, and Active Public
Relations Program
3) What must sellers disclose to Sales price, rents, and operating
assessor upon sale of property expenses
4) What must assessor disclose to Increases in tax levies
Taxpayers
5) Who uses Ratio Studies and why Oversight agencies to determine
compliance with laws and
regulations; also used for internal
quality control
6) Budget An expression of political support
for accurate and equitable
assessments.
7) Planning and Quality Assurance What are the two categories under
Effective Internal Controls
8) Planning Setting realistic and specific goals
to assure laws and regulations are
met.
9) Quality Assurance A continuous process of testing
work products and flows to assure
that the plan is executed and
ensure compliance with laws and
