IAAO 101 PRACTICE TESTS | FROM QUESTION TO
PERFECTION| STUDY WITH CONFIDENCE!
Course Code:
Course Title:
Programme:
Academic Year: 2026/2027.
Duration: 2 Hours.
Total Marks: 70%.
Candidate Instructions:
1) Write your Registration Number on every answer booklet used.
2) Answer ALL questions in Section A and ANY TWO (2) questions in Section B.
3) Read each question carefully before answering.
4) Begin each question on a new page.
5) The marks for each question are indicated in brackets.
6) This paper consists of several printed pages, including this page.
7) Ensure your copy is complete before the examination begins.
8) Unauthorized materials and communication with other candidates are not permitted.
Turn Over.
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
, List the four tests that the appraiser must make in the analysis of the highest and best use.
Answer: 1. Legally Permissible
2. Physically Possible
3. Financially Feasible
4. Most Productive
_______ ________ is a parcel of land and any structures or improvements that are permanently
affixed thereto. Answer: 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. Answer: Personal
Assessment level times the tax rate equals the ________ ______ ______. Answer: Effective
Tax Rate
The property tax is a/an ____ _______ tax, meaning it is based on the value. Answer: Ad
Volorem
The assessor is responsible for the _______, ________, and __________ of all taxable property.
Answer: Discovery, Listing, Valuation
The taxable location of personal property is referred to as its ________. Answer: Situs
An estimate of value, usually in writing, of an adequately described property, as of a given date,
is termed a/an _______________. Answer: Appraisal
A jurisdiction's tax rate is determined by dividing the ______________ to be derived from the
property tax by the ________ ____________ _______ of the taxing jursidiction. Answer:
Revenue or Budget/Total Assessed Value
The type of value usually estimated by the assessor is __________ value. Answer: Market
The ____________ ____ _______ reflects the ratio between the current tax bull and the
property value. Answer: Effective Tax Rate
In order for a property to have value, it must have __________, ___________,
________________, and ______________ _____________ __________. Answer: Utility,
Scarcity, Desirability, Effective Purchasing Power
The use that generates the highest net return to a property over a reasonable time period is called
its __________ ___ _____ ___. Answer: Highest and Best Use
The principle of _______ states that maximum value of a neighborhood is attained when the
uses of land are perfectly complementary. Answer: 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? Answer: Consistent Use
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
PERFECTION| STUDY WITH CONFIDENCE!
Course Code:
Course Title:
Programme:
Academic Year: 2026/2027.
Duration: 2 Hours.
Total Marks: 70%.
Candidate Instructions:
1) Write your Registration Number on every answer booklet used.
2) Answer ALL questions in Section A and ANY TWO (2) questions in Section B.
3) Read each question carefully before answering.
4) Begin each question on a new page.
5) The marks for each question are indicated in brackets.
6) This paper consists of several printed pages, including this page.
7) Ensure your copy is complete before the examination begins.
8) Unauthorized materials and communication with other candidates are not permitted.
Turn Over.
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
, List the four tests that the appraiser must make in the analysis of the highest and best use.
Answer: 1. Legally Permissible
2. Physically Possible
3. Financially Feasible
4. Most Productive
_______ ________ is a parcel of land and any structures or improvements that are permanently
affixed thereto. Answer: 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. Answer: Personal
Assessment level times the tax rate equals the ________ ______ ______. Answer: Effective
Tax Rate
The property tax is a/an ____ _______ tax, meaning it is based on the value. Answer: Ad
Volorem
The assessor is responsible for the _______, ________, and __________ of all taxable property.
Answer: Discovery, Listing, Valuation
The taxable location of personal property is referred to as its ________. Answer: Situs
An estimate of value, usually in writing, of an adequately described property, as of a given date,
is termed a/an _______________. Answer: Appraisal
A jurisdiction's tax rate is determined by dividing the ______________ to be derived from the
property tax by the ________ ____________ _______ of the taxing jursidiction. Answer:
Revenue or Budget/Total Assessed Value
The type of value usually estimated by the assessor is __________ value. Answer: Market
The ____________ ____ _______ reflects the ratio between the current tax bull and the
property value. Answer: Effective Tax Rate
In order for a property to have value, it must have __________, ___________,
________________, and ______________ _____________ __________. Answer: Utility,
Scarcity, Desirability, Effective Purchasing Power
The use that generates the highest net return to a property over a reasonable time period is called
its __________ ___ _____ ___. Answer: Highest and Best Use
The principle of _______ states that maximum value of a neighborhood is attained when the
uses of land are perfectly complementary. Answer: 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? Answer: Consistent Use
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
