IAAO 101 practice tests questions and answers with solutions 2025

List the four tests that the appraiser must make in the analysis of the highest and best use. - ANSWER 1. Legally Permissible 2. Physically Possible 3. Financially Feasible 4. 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 The property tax is a/an ____ _______ tax, meaning it is based on the value. - ANSWER Ad Volorem 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 a/an _______________. - ANSWER Appraisal A jurisdiction's tax rate is determined by dividing the ______________ to be derived from the property tax by the ________ _____