IAAO 101 | Questions with 100% Verified Answers | Latest
Update 2026/2027
Question: Discovery, listing, and valuation
Answer: 3 basic responsibilities of appraiser
Question: market value
Answer: valuation is an estimate of the ___ ___ of all taxable property
Question: ad valorem
Answer: tax according to value
Question: assessed value
Answer: other names for this include taxable value or percentage of market value
Question: dollars per $100, per $1000, or mills
Answer: ways the nominal tax rate is expressed
Question: tax rate * assessed value
Answer: formula to get tax bill
Question: effective tax rat
Answer: rate expressing the ratio between the current tax bill and the property value
Question: real property
Answer: sum of tangible and intangible rights in land and improvements
Question: real estate
Answer: tangible, land and permanent improvements
Question: personal property
Answer: movable items not permanently affixed to or part of real esate, aka personalty or chattel
Question: Sell, Lease, Use, Give away, Enter or leave, or Refuse
Answer: six basic rights associated with the ownership of property, aka bundle of rights
Question: Taxation, Eminent domain, Police power, Escheat
Answer: governmental restrictions of property
Question: fee simple
Answer: highest form of ownership of property
Question: value
Answer: present worth of future benefits arising from the ownership of real property
, Question: utility, scarcity, desirability, effective purchasing power
Answer: in order for a property to have value, it must have:
Question: value in use
Answer: value of a property for a specific use
Question: value in exchange
Answer: amount an informed buyer would offer in exchange for a property under given market conditions
(market value)
Question: appraisal
Answer: opinion or estimate of value, usually in writing, of an adequately described property, as of a given date
Question: valuation
Answer: process of estimating value
Question: evaluation
Answer: study of nature, quality, or utility of parcel of real estate or real property in which value estimate is not
necessarily required
Question: principle of anticipation
Answer: value created by expected future benefits from property
Question: principle of change
Answer: market value is never constant, PEGS forces shifting
Question: principle of balance
Answer: highest market value reached when uses of land are perfectly complementary, agents of production
reach equilibrium
Question: land, labor, capital, management
Answer: four agents of production
Question: principle of competition
Answer: availability must be in harmony with demand
Question: principle of conformity
Answer: max market value is achieved when there is reasonable similarity among improvements in a
neighborhood
Question: principle of consistent use
Answer: property must be valued with single use for entire property
Question: principle of contribution
Answer: value of property depends on contribution to the whole
Update 2026/2027
Question: Discovery, listing, and valuation
Answer: 3 basic responsibilities of appraiser
Question: market value
Answer: valuation is an estimate of the ___ ___ of all taxable property
Question: ad valorem
Answer: tax according to value
Question: assessed value
Answer: other names for this include taxable value or percentage of market value
Question: dollars per $100, per $1000, or mills
Answer: ways the nominal tax rate is expressed
Question: tax rate * assessed value
Answer: formula to get tax bill
Question: effective tax rat
Answer: rate expressing the ratio between the current tax bill and the property value
Question: real property
Answer: sum of tangible and intangible rights in land and improvements
Question: real estate
Answer: tangible, land and permanent improvements
Question: personal property
Answer: movable items not permanently affixed to or part of real esate, aka personalty or chattel
Question: Sell, Lease, Use, Give away, Enter or leave, or Refuse
Answer: six basic rights associated with the ownership of property, aka bundle of rights
Question: Taxation, Eminent domain, Police power, Escheat
Answer: governmental restrictions of property
Question: fee simple
Answer: highest form of ownership of property
Question: value
Answer: present worth of future benefits arising from the ownership of real property
, Question: utility, scarcity, desirability, effective purchasing power
Answer: in order for a property to have value, it must have:
Question: value in use
Answer: value of a property for a specific use
Question: value in exchange
Answer: amount an informed buyer would offer in exchange for a property under given market conditions
(market value)
Question: appraisal
Answer: opinion or estimate of value, usually in writing, of an adequately described property, as of a given date
Question: valuation
Answer: process of estimating value
Question: evaluation
Answer: study of nature, quality, or utility of parcel of real estate or real property in which value estimate is not
necessarily required
Question: principle of anticipation
Answer: value created by expected future benefits from property
Question: principle of change
Answer: market value is never constant, PEGS forces shifting
Question: principle of balance
Answer: highest market value reached when uses of land are perfectly complementary, agents of production
reach equilibrium
Question: land, labor, capital, management
Answer: four agents of production
Question: principle of competition
Answer: availability must be in harmony with demand
Question: principle of conformity
Answer: max market value is achieved when there is reasonable similarity among improvements in a
neighborhood
Question: principle of consistent use
Answer: property must be valued with single use for entire property
Question: principle of contribution
Answer: value of property depends on contribution to the whole
