IAAO Course 101 Actual Exam Study
Questions with Verified Answers
Already Graded A+
1. The basic responsibilities of the assessor are to ___ all taxable property. -
ANSWER a. list
b. value
c. discover
d. all of the above (ANSWER)
2. One of the steps an assessor must take in the discovery of property is to -
ANSWER c. conduct periodic on-site inspections of properties
3. The property tax is a/an ___ tax, meaning it is based on value - ANSWER a.
ad-valorem
4. What element of the marketplace is likely to contribute to a change in
demand? - ANSWER a. consumer expectations
5. What element of the marketplace is likely to contribute to a change in
supply? - ANSWER b. entrepreneur expectations
6. A township in the Public Land Survey System contains ___ sections, with
each section containing ___ acres. - ANSWER c. 36 - 640
7. The NE1/4 NW1/4 SE1/4 SW1/4 contains ___ acres - ANSWER c. 2.5
,8. A land description system in which boundaries are described as distances
between two semi permanent points or as lines following compass bearings
is known as - ANSWER b. metes and bounds descriptions
9. The principle that states that market value of a property tends to be set by the
cost of acquiring an equally desirable and valuable substitute property is -
ANSWER c. substitution
10.Stratification is the first step in analyzing land sales, and the primary sort is
by - ANSWER b. market area
11.The appropriate map scale for urban areas is - ANSWER c. 1" = 100'
12.A lot measures 242' x 1800'. What is the value of the lot if the land is worth
$60,000 per acre? - ANSWER a. $600,000
13.The ___ unit would be the appropriate unit when pedestrian access is an
important consideration - ANSWER b. front foot
14.Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8
mills. Calculate the property tax for the residence - ANSWER b. $3,248.00
15.If a tax rate is $13.30 per 100, the decimal equivalent would be - ANSWER
a. 0.1330
16.______________ divided by the assessed value equals the tax rate. -
ANSWER c. budget
17.Assessment level times the tax rate equals - ANSWER a. effective tax rate
,18.Given the following, compute a tax rate using dollars per hundred:
Budget = $6,000,000
Market Value = $800,000,000
Assessment Level = 50%
Non-property tax revenue = $1,000,000 - ANSWER d. $1.25
19.___ is the physical land and everything permanently attached to it -
ANSWER c. real estate
20.Which of the following is a governmental restriction to the "bundle of
rights" - ANSWER b. eminent domain
21.In order for a property to have value, it must have utility, scarcity,
desirability, and effective purchasing power. The economic forces that
determine scarcity are - ANSWER a. supply and demand
22.___ is the point at which the forces of supply and demand meet - the point of
balance - ANSWER c. equilibrium
23.A ___ interest is ownership of all the rights in a property, except those
reserved by the government, and with no private encumbrances - ANSWER
d. fee simple
24.Which of the following is not one of the four great forces by which value is
created, modified, or destroyed? - ANSWER b. conceptual
, A ___ may be defined as an area of complementary land uses in which all
properties are similarly influenced by the four forces affecting value - ANSWER
c. neighborhood
When adjustments are being made to comparable sales, using percentage
adjustments in the direct sales comparison approach, the sequence of adjustments
the appraiser must follow is - ANSWER c. financing, market conditions, location,
physical characteristics
The land valuation method that replicates the actions of subdividers or developers
is known as the - ANSWER d. anticipated use or development method
3 requirements of the Assessor - ANSWER Discover
List
Value
The Uniform Standards of Professional Appraisal Practice provides... - ANSWER
...standards for appraisal practice
Jurisdictional exception rule - ANSWER Properties must be values at highest and
best use, unless statutes says otherwise
How is the tax rate calculated? - ANSWER (Budget - Other Revenues)/Assessed
Value
3 ways that tax rates are expressed - ANSWER 1. $ per 100
2. $ per 1000
3. $ per mill (same as $ per 1000)
Questions with Verified Answers
Already Graded A+
1. The basic responsibilities of the assessor are to ___ all taxable property. -
ANSWER a. list
b. value
c. discover
d. all of the above (ANSWER)
2. One of the steps an assessor must take in the discovery of property is to -
ANSWER c. conduct periodic on-site inspections of properties
3. The property tax is a/an ___ tax, meaning it is based on value - ANSWER a.
ad-valorem
4. What element of the marketplace is likely to contribute to a change in
demand? - ANSWER a. consumer expectations
5. What element of the marketplace is likely to contribute to a change in
supply? - ANSWER b. entrepreneur expectations
6. A township in the Public Land Survey System contains ___ sections, with
each section containing ___ acres. - ANSWER c. 36 - 640
7. The NE1/4 NW1/4 SE1/4 SW1/4 contains ___ acres - ANSWER c. 2.5
,8. A land description system in which boundaries are described as distances
between two semi permanent points or as lines following compass bearings
is known as - ANSWER b. metes and bounds descriptions
9. The principle that states that market value of a property tends to be set by the
cost of acquiring an equally desirable and valuable substitute property is -
ANSWER c. substitution
10.Stratification is the first step in analyzing land sales, and the primary sort is
by - ANSWER b. market area
11.The appropriate map scale for urban areas is - ANSWER c. 1" = 100'
12.A lot measures 242' x 1800'. What is the value of the lot if the land is worth
$60,000 per acre? - ANSWER a. $600,000
13.The ___ unit would be the appropriate unit when pedestrian access is an
important consideration - ANSWER b. front foot
14.Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8
mills. Calculate the property tax for the residence - ANSWER b. $3,248.00
15.If a tax rate is $13.30 per 100, the decimal equivalent would be - ANSWER
a. 0.1330
16.______________ divided by the assessed value equals the tax rate. -
ANSWER c. budget
17.Assessment level times the tax rate equals - ANSWER a. effective tax rate
,18.Given the following, compute a tax rate using dollars per hundred:
Budget = $6,000,000
Market Value = $800,000,000
Assessment Level = 50%
Non-property tax revenue = $1,000,000 - ANSWER d. $1.25
19.___ is the physical land and everything permanently attached to it -
ANSWER c. real estate
20.Which of the following is a governmental restriction to the "bundle of
rights" - ANSWER b. eminent domain
21.In order for a property to have value, it must have utility, scarcity,
desirability, and effective purchasing power. The economic forces that
determine scarcity are - ANSWER a. supply and demand
22.___ is the point at which the forces of supply and demand meet - the point of
balance - ANSWER c. equilibrium
23.A ___ interest is ownership of all the rights in a property, except those
reserved by the government, and with no private encumbrances - ANSWER
d. fee simple
24.Which of the following is not one of the four great forces by which value is
created, modified, or destroyed? - ANSWER b. conceptual
, A ___ may be defined as an area of complementary land uses in which all
properties are similarly influenced by the four forces affecting value - ANSWER
c. neighborhood
When adjustments are being made to comparable sales, using percentage
adjustments in the direct sales comparison approach, the sequence of adjustments
the appraiser must follow is - ANSWER c. financing, market conditions, location,
physical characteristics
The land valuation method that replicates the actions of subdividers or developers
is known as the - ANSWER d. anticipated use or development method
3 requirements of the Assessor - ANSWER Discover
List
Value
The Uniform Standards of Professional Appraisal Practice provides... - ANSWER
...standards for appraisal practice
Jurisdictional exception rule - ANSWER Properties must be values at highest and
best use, unless statutes says otherwise
How is the tax rate calculated? - ANSWER (Budget - Other Revenues)/Assessed
Value
3 ways that tax rates are expressed - ANSWER 1. $ per 100
2. $ per 1000
3. $ per mill (same as $ per 1000)
