RPA Level IV Review from Employee Already Passed

RPA Level IV Review from Employee Already Passed Simple linear regression is Deals with the correlationof improvement value to size The Unit and place method is most useful when? On most effective on partially complete structures What type of use corresponds with a residential homestead? Consumptive Who approves reappraisal plan for the appraisal district? The governing body (board of directors) of the appraisal district. Who approves the the tax roll? Governing bodies for taxing units as it relates to ad valorem taxation. Who sets the units budget and adopts tax rates? Governing bodies for taxing units Who hears taxing units challenges? The appraisal review board What occurs on Sept 15 of every other year? Reappraisal plan of every odd year or reappraisal plan of every even year. What is rate needed to not require adjustment? .9 to 1.1 (IAAO standards) Statistically, one can say that the _____________________ is collection of central tendencies that is sufficient to define an entire value of class. Benchmark The value produced by benchmark characteristics in a class is considered the market value for all properties in the class. True or False False - it is considered the baseline value. Appraisal districts use ratio studies in all of the following except? Effective tax rate calculation In the mass appraisal proffession, the recognized source of standards for conducting and evaluating ratio study results is which of the following? IAAO Standard on Ratio Studies What are the basic uses of a ratio studies? Test present appraisal system and values Test schedules Test mass appraisal system What is the basic formula for calculating an appraisal-to-sale ratio? Ratio = appraisal value / sales price The first step in building a mass appraisal schedule is: Analyze your market to determine what features (of land and improvements) enhance or detract from value. What is occurring when ratio is out of line for example .6 / 1.2? Schedules need adjusting The recapture portion of the Overall Capitalization Rate (OAR) applies only to the Wasting assets What are the wasting assets of real property? Improvements on land What is typically referred to as the return of the investment in the wasting assets? Recapture rate is the percentage of the improvements value that is recaptured through then income stream. How do you calculate the recapture rate or straight line recapture? Divide one (100 percent) by the buildings remaining economic life Land only cap rate: Discount rate + effective tax rate = land cap rate Building only cap rate: Discount rate + recapture rate + effective tax rate = building cap rate Return rate applies to what? Land and improvements How do you figure the area of 1/2 a circle? You take half of the length (20) and half it (would be 10 x 10) x by 3.1416 x .50 Notice of the ARB hearing is sent how many days prior to hearing? 15 days prior to hearing. Property owners file protest how many days after the date notice was delivered? May 15 or 30 days after ARB evidence from the appraisal district must be sent how many days prior to the hearing? 14 days Correction of Appraisal Roll by the chief appraiser may change the appraisal roll at any time because of Section 25.25c clerical errors , multiple appraisals of a property in that year, the inclusion of property that Dow's not exist in the for or location described, an error in which property is shown as owned by a person who did not own the property on January 1. What motion can correct the the appraisal roll after the ARB hearings? Section 25.25d the chief appraiser can file a motion with the ARB to change the roll to correct an error that resulted in a incorrect appraisal that exceeds by more than 1/3 the values. Section 41.411 pertains to what? A property owner is entitled to protest before the ARB the failure of the chief appraiser or the ARB to provide or delver any notice to which the property owner is entitled. Income approach is seldom used on what? Residential properties What are types of special use appraisal? Ag, timber, parks & rec land What level of trade is timber and oil and gas? Primary producer (raw materials) Riparian rights are Giving all properties adjacent to a waterway