IAAO Workshop 852 AAS Case Study
2024 Rated 100% Correct!!
Leverage Answer- The borrowing of funds in hopes of earning a greater return than
the cost of the borrowed funds
list, value, discover Answer- The basic responsibilities of the assessor for all taxable
property.
Conduct periodic on-site inspection of properties Answer- One of the steps an
assessor must take in the discovery of property
Ad Valorem Answer- The property tax, meaning it is based on value.
Budget Answer- Divided by the assessed value equals the tax rate
Effective tax rate Answer- Assessment level times the tax rate equals the
Real property Answer- Land and everything permanently attached to it
Eminent domain Answer- Is a government restriction to the bundle of rights
To use, to lease or rent, to enter or leave Answer- Basic rights associated with the
ownership of property
Equilibrium Answer- The point at which the forces of supply and demand meet
Fee simple Answer- ownership of all the rights of property, except those reserved by
the government
General data, specific data, comparative data Answer- In the appraisal process,
data collection requires the assessor to collect
Neighborhood Answer- An area of complementary land uses in which all properties
are similarly influenced by the 4 forces affecting value.
Consumer expectations Answer- Element of the marketplace that is likely to
contribute to a change in demand
, Entrepreneur expectations Answer- Element of the marketplace that is likely to
contribute to a change in supply
Market area Answer- The primary sort in analyzing land sales in stratification
Stratification Answer- The 1st step in analyzing land sales
Change Answer- The principle that market value is determined by such factors as
zoning, rent controls, interest rates, etc.
Front foot Answer- unit would be good to use when pedestrian access is important
ANTICIPATED USE OR DEVELOPMENT METHOD Answer- Land valuation
method that replicates the actions of subdividers or developers
Replacement cost Answer- Cost of producing a building having same utility but
using modern materials, design, and workmanship
Principle of contribution Answer- Underlying principle in the adjustment process in
sales comparison approach
Principle of substitution Answer- A buyer will pay no more for a property than for a
comparable property
Principle of change Answer- States that market value is never constant because of
environmental, governmental, social, and economic forces
Reproduction cost Answer- The cost of building an exact replica of a building
When a property experiences functional obsolescence, it Answer- Is usually the
result of diminished utility within a building
Quantity survey method Answer- The cost estimation method that is considered the
most accurate but is also the most time consuming
Financing Answer- The first adjustment in the sales comparison approach is
Local services Answer- When the interaction of supply and demand is being
analyzed, which of the following influences demand.
indirect cost examples Answer- Engineering fees, real estate taxes during
construction, insurance
Capitalization is the process used to: Answer- Convert income into an estimate of
value
Anticipation Answer- The underlying principle providing the basis of the income
capitalization approach
2024 Rated 100% Correct!!
Leverage Answer- The borrowing of funds in hopes of earning a greater return than
the cost of the borrowed funds
list, value, discover Answer- The basic responsibilities of the assessor for all taxable
property.
Conduct periodic on-site inspection of properties Answer- One of the steps an
assessor must take in the discovery of property
Ad Valorem Answer- The property tax, meaning it is based on value.
Budget Answer- Divided by the assessed value equals the tax rate
Effective tax rate Answer- Assessment level times the tax rate equals the
Real property Answer- Land and everything permanently attached to it
Eminent domain Answer- Is a government restriction to the bundle of rights
To use, to lease or rent, to enter or leave Answer- Basic rights associated with the
ownership of property
Equilibrium Answer- The point at which the forces of supply and demand meet
Fee simple Answer- ownership of all the rights of property, except those reserved by
the government
General data, specific data, comparative data Answer- In the appraisal process,
data collection requires the assessor to collect
Neighborhood Answer- An area of complementary land uses in which all properties
are similarly influenced by the 4 forces affecting value.
Consumer expectations Answer- Element of the marketplace that is likely to
contribute to a change in demand
, Entrepreneur expectations Answer- Element of the marketplace that is likely to
contribute to a change in supply
Market area Answer- The primary sort in analyzing land sales in stratification
Stratification Answer- The 1st step in analyzing land sales
Change Answer- The principle that market value is determined by such factors as
zoning, rent controls, interest rates, etc.
Front foot Answer- unit would be good to use when pedestrian access is important
ANTICIPATED USE OR DEVELOPMENT METHOD Answer- Land valuation
method that replicates the actions of subdividers or developers
Replacement cost Answer- Cost of producing a building having same utility but
using modern materials, design, and workmanship
Principle of contribution Answer- Underlying principle in the adjustment process in
sales comparison approach
Principle of substitution Answer- A buyer will pay no more for a property than for a
comparable property
Principle of change Answer- States that market value is never constant because of
environmental, governmental, social, and economic forces
Reproduction cost Answer- The cost of building an exact replica of a building
When a property experiences functional obsolescence, it Answer- Is usually the
result of diminished utility within a building
Quantity survey method Answer- The cost estimation method that is considered the
most accurate but is also the most time consuming
Financing Answer- The first adjustment in the sales comparison approach is
Local services Answer- When the interaction of supply and demand is being
analyzed, which of the following influences demand.
indirect cost examples Answer- Engineering fees, real estate taxes during
construction, insurance
Capitalization is the process used to: Answer- Convert income into an estimate of
value
Anticipation Answer- The underlying principle providing the basis of the income
capitalization approach
