IAAO 201 FINAL EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A+
◉ IRV. Answer: Net Operating Income ÷ Capitalization Rate or Rate of
Return = Value
◉ Time adjustment. Answer: (Current sale price - Previous sale price) ÷
Previous sale price
◉ Five attributes of land (PUFFS). Answer: Permanent
Unique
Finite Supply
Functional
Stationary
◉ Four Value Characteristics of Land (DUST). Answer: Demand
Utility
Scarcity
Transferability
,◉ Improvements TO Land. Answer: Off-site improvements such as
streets, sidewalks, curbing, etc...
-Improvements that prepare the land for development.
◉ Improvements ON land. Answer: Any structures or building placed or
erected on the site.
◉ Ownership of land (SLUGER). Answer: Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these
◉ Fee Simple Absolute Ownership. Answer: When all six rights of
ownership are owned.
◉ Government Restrictions on Ownership (TEPE). Answer: Taxation -
to support the government
Eminent Domain - take property for public use
Police Power - (zoning) regulate the use of property
Escheat - property reverts to the state for non-payment of taxes or when
the owner dies intestate (without a will)
, ◉ Four Agents of Production. Answer: Land
Labor
Capital
Management
◉ Principle of Change (PEGS). Answer: Physical (location, street
pattern, topography)
Economic (influence supply & demand
Governmental (regulations, services & facilities)
Social (demographic attitudes, characteristics & trends)
◉ Three Approaches to Value. Answer: Cost
Sales comparison
Income
◉ Most significant physical factor in residential land. Answer: Location,
location, location
◉ Scale of Cadastral maps 1" - 200'. Answer: Used for 100 front footage
or greater lots in suburban areas and small towns
◉ Types of Assessment (Cadastral) Base Maps. Answer: Topographic
QUESTIONS WITH ANSWERS GRADED A+
◉ IRV. Answer: Net Operating Income ÷ Capitalization Rate or Rate of
Return = Value
◉ Time adjustment. Answer: (Current sale price - Previous sale price) ÷
Previous sale price
◉ Five attributes of land (PUFFS). Answer: Permanent
Unique
Finite Supply
Functional
Stationary
◉ Four Value Characteristics of Land (DUST). Answer: Demand
Utility
Scarcity
Transferability
,◉ Improvements TO Land. Answer: Off-site improvements such as
streets, sidewalks, curbing, etc...
-Improvements that prepare the land for development.
◉ Improvements ON land. Answer: Any structures or building placed or
erected on the site.
◉ Ownership of land (SLUGER). Answer: Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these
◉ Fee Simple Absolute Ownership. Answer: When all six rights of
ownership are owned.
◉ Government Restrictions on Ownership (TEPE). Answer: Taxation -
to support the government
Eminent Domain - take property for public use
Police Power - (zoning) regulate the use of property
Escheat - property reverts to the state for non-payment of taxes or when
the owner dies intestate (without a will)
, ◉ Four Agents of Production. Answer: Land
Labor
Capital
Management
◉ Principle of Change (PEGS). Answer: Physical (location, street
pattern, topography)
Economic (influence supply & demand
Governmental (regulations, services & facilities)
Social (demographic attitudes, characteristics & trends)
◉ Three Approaches to Value. Answer: Cost
Sales comparison
Income
◉ Most significant physical factor in residential land. Answer: Location,
location, location
◉ Scale of Cadastral maps 1" - 200'. Answer: Used for 100 front footage
or greater lots in suburban areas and small towns
◉ Types of Assessment (Cadastral) Base Maps. Answer: Topographic
