IAAO 101 PRACTICE EXAM - LATEST PRACTICE
QUESTIONS AND 100% VERIFIED CORRECT
ANSWERS | COMPLETE EXAM PREP TESTBANK |
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Market value is defined as the most probable price of a property in terms of
money, assuming
A. Buyer and seller are typically motivated.
B. A reasonable time is allowed for exposure in the open market.
C. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
D. All of the above -- ANSWER- D. All of the above
List any two types of private encumbrances that can be placed on ownership of real
property. -- ANSWER- 1. Leases
2. Mortgages
The principle of __________ states that value is created by the expected future
benefits to be derived from the property. -- ANSWER- Anticipation
The six basic rights associated with property are as follows: -- ANSWER- 1. Sell
2. Lease/Rent
3. Use
4. Give Away
5. Enter/Leave
,6. Refuse
The ownership of all legal rights to property is known as ___ ______. - --
ANSWER- -Fee Simple
A land description system in which boundaries are described as distances between
two semipermanent points or as lines following compass bearings is known as
____________________________.
A. State plane coordinate system
B. Metes and bounds descriptions
C. Public Land Survey System
D. Platted subdivision system -- ANSWER- B. Metes and bounds descriptions
The principle that states that market value of a property tends to be set by the cost
of acquiring an equally desirable and valuable property is _______________.
A. Progression
B. Surplus productivity
C. Substitution
D. Conformity -- ANSWER- C. Substitution
A parcel identifier links ownership records, tax maps, and assessment records.
Thus, the identifier must be ________________.
A. Unique
B. Permanent
C. Simple
D. All of the above -- ANSWER- D. All of the above
, Stratification is the first step in analyzing land sales and the primary sort is by
______________.
A. Zoning
B. Market area
C. Land use regulations
D. Probable future use -- ANSWER- B. Market area
A 70'x120' site with level ground and an average view and located south of Route
66 is being appraised. Sale 1 sold recently for $50,000, is 80'x120', has hilly
ground and a fair view, and is located north of Route 66. Sale 2 sold 4 months ago
for $54,500, is 60'x120', has level ground and a good view, and is located south of
Route 66. Lots located south of Route 66 are considered 10% more desirable than
lots located north of Route 66. A good view is worth 15% more, and a fair view is
work 15% less. Level ground is worth 10% more than hilly ground. Lot sizes that
vary more than 1,000 square feet require a 10% adjustment. Lot values have been
increasing at a rate of 0.5% per month. The indicated value of the subject lot would
be ___________.
A. $60,000
B. $61,275
C. $65,000
D. $62,500 -- ANSWER- D. $62,500
The subject property is a duplex located on a 9,000-square-foot lot. The total value
of this property is $280,000. There are two sales that are similar, and the
improvement value is well documented. Sale 1 sells currently for $300,000, with
an improvement vale of $240,000. Sale 2 sold 12 months ago for $250,000, with a
QUESTIONS AND 100% VERIFIED CORRECT
ANSWERS | COMPLETE EXAM PREP TESTBANK |
GUARANTEED PASS | INSTANT DOWNLOAD PDF
Market value is defined as the most probable price of a property in terms of
money, assuming
A. Buyer and seller are typically motivated.
B. A reasonable time is allowed for exposure in the open market.
C. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
D. All of the above -- ANSWER- D. All of the above
List any two types of private encumbrances that can be placed on ownership of real
property. -- ANSWER- 1. Leases
2. Mortgages
The principle of __________ states that value is created by the expected future
benefits to be derived from the property. -- ANSWER- Anticipation
The six basic rights associated with property are as follows: -- ANSWER- 1. Sell
2. Lease/Rent
3. Use
4. Give Away
5. Enter/Leave
,6. Refuse
The ownership of all legal rights to property is known as ___ ______. - --
ANSWER- -Fee Simple
A land description system in which boundaries are described as distances between
two semipermanent points or as lines following compass bearings is known as
____________________________.
A. State plane coordinate system
B. Metes and bounds descriptions
C. Public Land Survey System
D. Platted subdivision system -- ANSWER- B. Metes and bounds descriptions
The principle that states that market value of a property tends to be set by the cost
of acquiring an equally desirable and valuable property is _______________.
A. Progression
B. Surplus productivity
C. Substitution
D. Conformity -- ANSWER- C. Substitution
A parcel identifier links ownership records, tax maps, and assessment records.
Thus, the identifier must be ________________.
A. Unique
B. Permanent
C. Simple
D. All of the above -- ANSWER- D. All of the above
, Stratification is the first step in analyzing land sales and the primary sort is by
______________.
A. Zoning
B. Market area
C. Land use regulations
D. Probable future use -- ANSWER- B. Market area
A 70'x120' site with level ground and an average view and located south of Route
66 is being appraised. Sale 1 sold recently for $50,000, is 80'x120', has hilly
ground and a fair view, and is located north of Route 66. Sale 2 sold 4 months ago
for $54,500, is 60'x120', has level ground and a good view, and is located south of
Route 66. Lots located south of Route 66 are considered 10% more desirable than
lots located north of Route 66. A good view is worth 15% more, and a fair view is
work 15% less. Level ground is worth 10% more than hilly ground. Lot sizes that
vary more than 1,000 square feet require a 10% adjustment. Lot values have been
increasing at a rate of 0.5% per month. The indicated value of the subject lot would
be ___________.
A. $60,000
B. $61,275
C. $65,000
D. $62,500 -- ANSWER- D. $62,500
The subject property is a duplex located on a 9,000-square-foot lot. The total value
of this property is $280,000. There are two sales that are similar, and the
improvement value is well documented. Sale 1 sells currently for $300,000, with
an improvement vale of $240,000. Sale 2 sold 12 months ago for $250,000, with a
