IAAO 101 Exam Questions with Correct Answers| Latest Update Guaranteed Success
The value for a component of property depends on contribution to the whole Contribution
A property must be valued with a single use for the entire property Consistent Use
The amount of goods that producers are willing to sell under various conditions during a given
period Supply
Net income remaining after the costs of labor, management, and capital have been paid
Surplus Productivity
Present worth of future benefits Anticipation
Market value of a property tends to be set by the cost of acquiring an equally desirable and
valuable property Substitution
Maximum value is obtained when the four agents of production attain a state of equilibrium
Balance
Quantities of various goods that people are willing and able to buy during some period, given
the choices available to them Demand
The tendency of social and economic forces affecting supply and demand to shift over time
Change
Availability must be in harmony with demand. If one or the other is in excess, prices will
increase or decrease Competition
The value of property depends, in part, on its relationship to its surroundings Conformity
, After a certain point, the addition of successive increments of one agent of production
decreases future incomes or amenities Increasing/ Decreasing Returns
The value of a lower priced property is increased by its association with better properties of the
same type Progression/ Regression
Property Tax is an _________. Ad Valorem
The assessor is responsible for the _______, ________, and __________ of all taxable property.
Discovery, listing, and valuation
The taxable location of personal property is referred to as its Situs
An estimate of value, usually in writing, of an adequately described property, as of a given date,
is termed an __________. Appraisal
A jurisdiction's tax rate is determined by dividing the ________ to be derived from property tax
by the assessed value of the taxing jurisdiction. Budget
The type of value usually estimated by the assessor is ________ value. Market
The ______________ reflects the ratio between the current tax bill and the property value.
Effective Tax Rate
In order for a property to have value, it must have ________, _______, _______, and
___________________ utility, scarcity, desirability, and effective purchasing power
The value for a component of property depends on contribution to the whole Contribution
A property must be valued with a single use for the entire property Consistent Use
The amount of goods that producers are willing to sell under various conditions during a given
period Supply
Net income remaining after the costs of labor, management, and capital have been paid
Surplus Productivity
Present worth of future benefits Anticipation
Market value of a property tends to be set by the cost of acquiring an equally desirable and
valuable property Substitution
Maximum value is obtained when the four agents of production attain a state of equilibrium
Balance
Quantities of various goods that people are willing and able to buy during some period, given
the choices available to them Demand
The tendency of social and economic forces affecting supply and demand to shift over time
Change
Availability must be in harmony with demand. If one or the other is in excess, prices will
increase or decrease Competition
The value of property depends, in part, on its relationship to its surroundings Conformity
, After a certain point, the addition of successive increments of one agent of production
decreases future incomes or amenities Increasing/ Decreasing Returns
The value of a lower priced property is increased by its association with better properties of the
same type Progression/ Regression
Property Tax is an _________. Ad Valorem
The assessor is responsible for the _______, ________, and __________ of all taxable property.
Discovery, listing, and valuation
The taxable location of personal property is referred to as its Situs
An estimate of value, usually in writing, of an adequately described property, as of a given date,
is termed an __________. Appraisal
A jurisdiction's tax rate is determined by dividing the ________ to be derived from property tax
by the assessed value of the taxing jurisdiction. Budget
The type of value usually estimated by the assessor is ________ value. Market
The ______________ reflects the ratio between the current tax bill and the property value.
Effective Tax Rate
In order for a property to have value, it must have ________, _______, _______, and
___________________ utility, scarcity, desirability, and effective purchasing power
