IAAO 101 - Quizzes | Questions with 100% Verified Answers | Latest Update 2026/2027

IAAO 101 - Quizzes | Questions with 100% Verified Answers |
Latest Update 2026/2027
Question: The basic responsibilities of the assessor are to _________ all taxable property.
Answer: A. List
B. Value
C. Discover
D. All of the Above

Question: One of the steps an assessor must take in the discovery of property is to:
Answer: conduct periodic on-site inspections of properties

Question: The property tax is a/an _________________ tax, meaning it is based on value.
Answer: ad valorem

Question: Assume the following characteristics for a single-family residence: Actual value=$175,000;
assessment level=20 percent; tax rate=92.8 mills. Calculate the property tax for the residence.
Answer: $3248.00

Question: If a tax rate is $13.30 per 100, the decimal equivalent would be
Answer: 0.1330

Question: ______________ divided by the assessed value equals the tax rate.
Answer: Budget

Question: Assessment level times the tax rate equals the_____________________.
Answer: effective tax rate

Question: 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 revenu: $1,000.000
Answer: $1.25

Question: ____________ is the physical land and everything permanently attached to it.
Answer: real estate

Question: Which of the following is a governmental restriction to the "bundle of rights"?
Answer: eminent domain

Question: Which of the following is a basic right associated with the ownership of property?
Answer: A. to use
B. to lease or rent
C. to enter or leave
D. All of the above

Question: 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: supply and demand

, Question: ___________ is the point at which the forces of supply and demand meet----the point of balance.
Answer: equilibrium

Question: A/an ___________ interest is ownership of all the rights in a property, except those reserved by the
government, and with no private encumbrances.
Answer: fee simple

Question: In the appraisal process, data collection requires the assessor to collect
Answer: A. general data
B. specific data
C. comparative data
D. All of the above

Question: Which of the following is not one of the four great forces by which value is created, maintained,
modified or destroyed?
Answer: conceptual

Question: 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: neighborhood

Question: What element of the marketplace is likely to contribute to a change in demand?
Answer: consumer expectations

Question: What element of the marketplace is likely to contribute to a change in supply?
Answer: entrepreneur expectations

Question: A township in the Public Land Survey System contains _____ sections, with each section containing
_____ acres.
Answer: 36 640

Question: The NE1/4NW1/4SE1/4SW1/4 contains _______ acres.
Answer: 2.5

Question: A land description system in which boundaries are described as distances between two
semipermanent points or as lines following compass bearings is known as ____________________________.
Answer: metes and bounds descriptions

Question: 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: substitution

Question: A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier
must be
Answer: A. unique
B. permanent
C. simple
D. All of the above