IAAO 101 | Questions with 100% Verified Answers | Latest
Update 2026/2027
Question: Ad Valorem
Answer: tax based on value
Question: Demand
Answer: Quantities of various goods that people are willing and able to buy during some period, given the
choices available to them
Question: 1. Discovery
2. Listing
3. Valuation
Answer: The assessor is responsible for
Question: 1. Physical
2. Economic
3. Governmental
4. Social
Answer: The 4 factors affecting land values:
Question: Situs
Answer: The taxable location of personal property
Question: Surplus Productivity
Answer: this principle states that returns to land are what remain after returns to labor, management, & capital
are satisfied
Question: Appraisal
Answer: An estimate of value, usually in writing, of an adequately described property, as of a given date.
Question: 6 methods of land valuation
Answer: 1. Direct sales comparison
2. Allocation
3. Abstraction
4. Anticipated use or development
5. Capitalization of ground rent
6. Land residual technique
Question: Tax Rate
Answer: Budget ÷ Assessed valuation
Question: Cadastral
Answer: A complete set of these maps shows boundaries, parcel size, sales information, and other relevant
features of all parcels in a jurisdiction is a necessary tool for assessors
Question: Market
Answer: The type of value usually estimated by the assessor
,Question: Metes & Bounds
Answer: the practice of measuring the direction of property lines with compass bearings and the distance with
measuring chains or tapes in order to obtain a property description
Question: Effective Tax Rate
Answer: reflects the ratio between the current tax bill and the property value
Question: 36 sections & 640 acres
Answer: A township in the Public Land Survey System contains how many sections, and each section contains
how many acres
Question: 1. utility
2. scarcity
3. desirability
4. effective purchasing power
Answer: In order for a property to have value it must have
Question: Stratified
Answer: When land is valued by using the direct sales comparison approach, sales must first be what, into
homogeneous groups
Question: Highest and Best Use
Answer: The use that generates the highest net return to a property over a reasonable time period is called its
Question: Off Site
Answer: Improvements such as streets, sidewalks, and the availability of utilities are what type of
improvements
Question: Balance
Answer: The principle that states that maximum value of a neighborhood is attained when the uses of land are
perfectly complementary
Question: Direct Sales Comparison
Answer: This method of land valuation compares the property being appraised to comparable vacant parcels
that have recently sold
Question: Consistent Use
Answer: This appraisal principle affirms that land cannot be valued on the basis of one use while improvements
are valued on the basis of another
Question: Unit of Comparison
Answer: Front foot, Square foot, & Acre are all examples of this
Question: 1. Legally permissible
2. Physically possible
3. Financially feasible
4. Most productive
Answer: What are the 4 tests that the appraiser must make in the analysis of the highest and best use
, Question: Comparable - Subject
Answer: In the direct sales comparison approach to land valuation, adjustments are always made to these
properties and never to these properties.
Question: Real Estate
Answer: a parcel of land and any structure or improvements that are permanently affixed to it
Question: Negative
Answer: if a comparable lot that sold is Superior in some aspect to the subject lot, a (positive or negative)
adjustment would be made to the comparable property.
Question: Personal
Answer: Property is considered this 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
Question: Abstraction
Answer: a method of valuing land that subtracts the depreciated value of the improvement from the sales price
Question: Effective Tax Rate
Answer: Assessment level multiplied by the tax rate. E.A.T.
Question: Direct Sales Comparison Method
Answer: the preferred method of valuing land if adequate data is available
Question: Equilibrium
Answer: The point at which the forces of supply and forces of demand meet
Question: 20%
Answer: A land to building ratio of 1:4 means land represents what percentage of the value
Question: 1. As if vacant
2. As if improved
Answer: 2 types of highest and best use analysis
Question: 1 inch = 200 feet
Answer: the appropriate map scale for Suburban areas and small towns
Question: 1. Growth
2. Stability
3. Decline
4. Revitalization
Answer: The typical lifecycle of a neighborhood includes
Question: 1 inch = 400 feet
Answer: the appropriate map scale for rural areas
Update 2026/2027
Question: Ad Valorem
Answer: tax based on value
Question: Demand
Answer: Quantities of various goods that people are willing and able to buy during some period, given the
choices available to them
Question: 1. Discovery
2. Listing
3. Valuation
Answer: The assessor is responsible for
Question: 1. Physical
2. Economic
3. Governmental
4. Social
Answer: The 4 factors affecting land values:
Question: Situs
Answer: The taxable location of personal property
Question: Surplus Productivity
Answer: this principle states that returns to land are what remain after returns to labor, management, & capital
are satisfied
Question: Appraisal
Answer: An estimate of value, usually in writing, of an adequately described property, as of a given date.
Question: 6 methods of land valuation
Answer: 1. Direct sales comparison
2. Allocation
3. Abstraction
4. Anticipated use or development
5. Capitalization of ground rent
6. Land residual technique
Question: Tax Rate
Answer: Budget ÷ Assessed valuation
Question: Cadastral
Answer: A complete set of these maps shows boundaries, parcel size, sales information, and other relevant
features of all parcels in a jurisdiction is a necessary tool for assessors
Question: Market
Answer: The type of value usually estimated by the assessor
,Question: Metes & Bounds
Answer: the practice of measuring the direction of property lines with compass bearings and the distance with
measuring chains or tapes in order to obtain a property description
Question: Effective Tax Rate
Answer: reflects the ratio between the current tax bill and the property value
Question: 36 sections & 640 acres
Answer: A township in the Public Land Survey System contains how many sections, and each section contains
how many acres
Question: 1. utility
2. scarcity
3. desirability
4. effective purchasing power
Answer: In order for a property to have value it must have
Question: Stratified
Answer: When land is valued by using the direct sales comparison approach, sales must first be what, into
homogeneous groups
Question: Highest and Best Use
Answer: The use that generates the highest net return to a property over a reasonable time period is called its
Question: Off Site
Answer: Improvements such as streets, sidewalks, and the availability of utilities are what type of
improvements
Question: Balance
Answer: The principle that states that maximum value of a neighborhood is attained when the uses of land are
perfectly complementary
Question: Direct Sales Comparison
Answer: This method of land valuation compares the property being appraised to comparable vacant parcels
that have recently sold
Question: Consistent Use
Answer: This appraisal principle affirms that land cannot be valued on the basis of one use while improvements
are valued on the basis of another
Question: Unit of Comparison
Answer: Front foot, Square foot, & Acre are all examples of this
Question: 1. Legally permissible
2. Physically possible
3. Financially feasible
4. Most productive
Answer: What are the 4 tests that the appraiser must make in the analysis of the highest and best use
, Question: Comparable - Subject
Answer: In the direct sales comparison approach to land valuation, adjustments are always made to these
properties and never to these properties.
Question: Real Estate
Answer: a parcel of land and any structure or improvements that are permanently affixed to it
Question: Negative
Answer: if a comparable lot that sold is Superior in some aspect to the subject lot, a (positive or negative)
adjustment would be made to the comparable property.
Question: Personal
Answer: Property is considered this 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
Question: Abstraction
Answer: a method of valuing land that subtracts the depreciated value of the improvement from the sales price
Question: Effective Tax Rate
Answer: Assessment level multiplied by the tax rate. E.A.T.
Question: Direct Sales Comparison Method
Answer: the preferred method of valuing land if adequate data is available
Question: Equilibrium
Answer: The point at which the forces of supply and forces of demand meet
Question: 20%
Answer: A land to building ratio of 1:4 means land represents what percentage of the value
Question: 1. As if vacant
2. As if improved
Answer: 2 types of highest and best use analysis
Question: 1 inch = 200 feet
Answer: the appropriate map scale for Suburban areas and small towns
Question: 1. Growth
2. Stability
3. Decline
4. Revitalization
Answer: The typical lifecycle of a neighborhood includes
Question: 1 inch = 400 feet
Answer: the appropriate map scale for rural areas
