IAAO 101 - Review Questions \Practice Tests Bank Questions &
Accurate Detailed Answers\ Verified 100% \LATEST UPDATE 2026-
2027
The seven steps of the appraisal process are as follows:
Definition of the problem
Scope of work
Preliminary survey and
planning Data collection
and analysis Highest and
best use
Application of the data and the three
approaches Correlation/reconciliation to final
value estimate
The basis for the adjustments in the sales comparison approach to value is the
principle of _.
contribution
___________ represents the value of a property for a specific use.
Value in use
,List any two types of private encumbrances that can be placed on ownership of
real property.
Rights of co-owners
Condo and subdivision restrictions
Covenants, conditions and restrictions found in the chain of title to the
property Mortgages
Easements and rights of way
Liens and judgments
Leases
The principle of _______states that value is created by the expected future benefits
to
be derived from the property.
anticipation
The six basic rights associated with property are as follows:
Sell
Lease
Use
Give away
Enter or leave
Refuse to do any of the above.
The ownership of all legal rights to property is known as _ _.
fee simple (fee simple absolute)
, Determining the identity of the property to be appraised is a part of the step in
the
appraisal process.
first
The three types of boundaries used to delineate neighborhoods are _____, ______, and
______________________________________________________________________________ _.
political
man-
made
natural
Under the step in the appraisal process that is termed data collection and
analysis, specific data include
Site data
The four forces that influence value and must be considered in neighborhood
analysis are as follows
Physical (environmental)
Economic
Governmental
Social
The typical life cycle of a neighborhood can be extended or shortened by
changes in
____ factors.
economic
Accurate Detailed Answers\ Verified 100% \LATEST UPDATE 2026-
2027
The seven steps of the appraisal process are as follows:
Definition of the problem
Scope of work
Preliminary survey and
planning Data collection
and analysis Highest and
best use
Application of the data and the three
approaches Correlation/reconciliation to final
value estimate
The basis for the adjustments in the sales comparison approach to value is the
principle of _.
contribution
___________ represents the value of a property for a specific use.
Value in use
,List any two types of private encumbrances that can be placed on ownership of
real property.
Rights of co-owners
Condo and subdivision restrictions
Covenants, conditions and restrictions found in the chain of title to the
property Mortgages
Easements and rights of way
Liens and judgments
Leases
The principle of _______states that value is created by the expected future benefits
to
be derived from the property.
anticipation
The six basic rights associated with property are as follows:
Sell
Lease
Use
Give away
Enter or leave
Refuse to do any of the above.
The ownership of all legal rights to property is known as _ _.
fee simple (fee simple absolute)
, Determining the identity of the property to be appraised is a part of the step in
the
appraisal process.
first
The three types of boundaries used to delineate neighborhoods are _____, ______, and
______________________________________________________________________________ _.
political
man-
made
natural
Under the step in the appraisal process that is termed data collection and
analysis, specific data include
Site data
The four forces that influence value and must be considered in neighborhood
analysis are as follows
Physical (environmental)
Economic
Governmental
Social
The typical life cycle of a neighborhood can be extended or shortened by
changes in
____ factors.
economic
