IAAO 101 – REVIEW EXAM QUESTIONS
AND ANSWERS 100% PASS 2026/2027
The property tax is an ____ __________ tax, meaning it is based on value. - ANS ad valorem
The assessor is responsible for the _______, ________, and __________ of all taxable property.
- ANS discovery
listing
valuation
The taxable location of personal property is referred to as its __________. - ANS situs
An estimate of value, usually in writing, of an adequately described property, as of a given date,
is termed ___ ___________. - ANS an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived from property
tax by the total _________ ____________ of the taxing jurisdiction. - ANS budget
assessed valuation
The type of value usually estimated by the assessor is __________ value. - ANS market
The _________ ________ _________ reflects the ratio between the current tax bill and the
property value. - ANS effective tax rate
2026/2027 ALLRIGHTS RESERVED
1
, In order for a property to have value, it must have ______, _______, ________ and __________
__________ _________. - ANS utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable time period is
called ________ _______ _________ _________. - ANS highest and best use
The principle of __________ states that maximum value of a neighborhood is attained when the
uses of land are perfectly complementary. - ANS balance
Which appraisal principle affirms that land cannot be valued on the basis of one use while
improvements are valued on the basis of another? - ANS Consistent use
List the four tests that the appraiser must make in the analysis of the highest and best use. -
ANS Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or improvements that are permanently
affixed thereto. - ANS Real estate
Property is considered ________ if it can be moved without causing any damage or change to
either the item of property or the structure to which it is attached. - ANS personal
Assessment level times the tax rate equals the _________ ______ ________. - ANS effective
tax rate
2026/2027 ALLRIGHTS RESERVED
2
AND ANSWERS 100% PASS 2026/2027
The property tax is an ____ __________ tax, meaning it is based on value. - ANS ad valorem
The assessor is responsible for the _______, ________, and __________ of all taxable property.
- ANS discovery
listing
valuation
The taxable location of personal property is referred to as its __________. - ANS situs
An estimate of value, usually in writing, of an adequately described property, as of a given date,
is termed ___ ___________. - ANS an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived from property
tax by the total _________ ____________ of the taxing jurisdiction. - ANS budget
assessed valuation
The type of value usually estimated by the assessor is __________ value. - ANS market
The _________ ________ _________ reflects the ratio between the current tax bill and the
property value. - ANS effective tax rate
2026/2027 ALLRIGHTS RESERVED
1
, In order for a property to have value, it must have ______, _______, ________ and __________
__________ _________. - ANS utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable time period is
called ________ _______ _________ _________. - ANS highest and best use
The principle of __________ states that maximum value of a neighborhood is attained when the
uses of land are perfectly complementary. - ANS balance
Which appraisal principle affirms that land cannot be valued on the basis of one use while
improvements are valued on the basis of another? - ANS Consistent use
List the four tests that the appraiser must make in the analysis of the highest and best use. -
ANS Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or improvements that are permanently
affixed thereto. - ANS Real estate
Property is considered ________ if it can be moved without causing any damage or change to
either the item of property or the structure to which it is attached. - ANS personal
Assessment level times the tax rate equals the _________ ______ ________. - ANS effective
tax rate
2026/2027 ALLRIGHTS RESERVED
2
