IAAO 101 REVIEW QUESTIONS AND CORRECT ANSWERS 100%
VERIFIED LATEST UPDATE!! ALREADY GRADED A+
The property tax is an ____ __________ tax, meaning it is based on value. - (ANSWER)ad valorem
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 ___ ___________. - (ANSWER)an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived from property tax by the
total _________ ____________ of the taxing jurisdiction. - (ANSWER)budget
assessed valuation
The type of value usually estimated by the assessor is __________ value. - (ANSWER)market
The _________ ________ _________ reflects the ratio between the current tax bill 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
________ _______ _________ _________. - (ANSWER)highest and best use
, IAAO 101 REVIEW QUESTIONS AND CORRECT ANSWERS 100%
VERIFIED LATEST UPDATE!! ALREADY GRADED A+
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
List the four tests that the appraiser must make in the analysis of the highest and best use. -
(ANSWER)Legally permissible
Physically possible
Financially feasible
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
____________ is the point at which the forces of supply and forces of demand meet. -
(ANSWER)Equilibrium
List the two types of highest and best use analysis. - (ANSWER)A. As if vacant.
B. As if improved.
VERIFIED LATEST UPDATE!! ALREADY GRADED A+
The property tax is an ____ __________ tax, meaning it is based on value. - (ANSWER)ad valorem
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 ___ ___________. - (ANSWER)an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived from property tax by the
total _________ ____________ of the taxing jurisdiction. - (ANSWER)budget
assessed valuation
The type of value usually estimated by the assessor is __________ value. - (ANSWER)market
The _________ ________ _________ reflects the ratio between the current tax bill 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
________ _______ _________ _________. - (ANSWER)highest and best use
, IAAO 101 REVIEW QUESTIONS AND CORRECT ANSWERS 100%
VERIFIED LATEST UPDATE!! ALREADY GRADED A+
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
List the four tests that the appraiser must make in the analysis of the highest and best use. -
(ANSWER)Legally permissible
Physically possible
Financially feasible
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
____________ is the point at which the forces of supply and forces of demand meet. -
(ANSWER)Equilibrium
List the two types of highest and best use analysis. - (ANSWER)A. As if vacant.
B. As if improved.
