©THEBRIGHT 2024/2025 ALL RIGHTS RESERVED 10:15AM A+
IAAO COURSE 201 Exam Questions And
Answers |Latest 2025 | Guaranteed Pass.
Anticipation - Answer✔present worth of future benefits
Balance - Answer✔max value is obtained when the 4 agents of production attain a state of
equilibrium
Change - Answer✔The tendency of social and economic forces affecting supply and demand to
alter over time
Competition - Answer✔Availability must be in harmony with demand. If one or the other is in
excess prices will increase or decrease
Conformity - Answer✔The value of property depends in part in its relationship to its
surroundings
Consistent Use - Answer✔States that a property must be valued with a single use for the entire
property
Contribution - Answer✔The basis for applying the adjustments in the sales comparison
approach
Increasing/Decreasing Returns - Answer✔After reaching a certain point the addition of
successive increments of one agent of production will decrease future incomes or amenities
Progression/Regression - Answer✔The value of a lower priced property is increased by its
association with better properties of the same type
Substitution - Answer✔Market value of a property tends to be set by the cost of acquiring an
equally desirable and valuable property
Surplus Productivity - Answer✔Net income remaining after the cost of labor, management, &
capital has been paid
Supply - Answer✔The amount of goods that producers are willing to sell under various
conditions during a given period
1
, ©THEBRIGHT 2024/2025 ALL RIGHTS RESERVED 10:15AM A+
Demand - Answer✔Quantities of various goods that people are willing to and able to buy during
some period, given the choices available to them
Land - Answer✔The surface of the earth and everything above it and beneath it
5 attributes of Land - Answer✔Permanent
Unique
Finite supply
Functional
Stationary
4 Characteristics of Land - Answer✔DUST
Natural state of the land before anything is done to it - Answer✔raw land
Improvements to land - Answer✔everything done to the land that increases its usefulness
without actually placing a structure or building is considered
Improvements on land - Answer✔any structures or buildings placed on the land are considered
Site - Answer✔A parcel of land that has been developed to the extent that it is ready to be build
upon for its intended use
Bundle of Rights - Answer✔SLUGER
Eminent Domain - Answer✔The power of the gov to take land for public use providing just
compensation
Private restrictions - Answer✔easements or right of ways
4 Agents of Production - Answer✔Land
Labor
Capital
Management
Assessors are responsible for classifying land to ensure that - Answer✔Improved parcels can be
appraised properly
Both public and private planners can make well informed land use decisions
Land demand variables - Answer✔Income levels
Wage rates
2
IAAO COURSE 201 Exam Questions And
Answers |Latest 2025 | Guaranteed Pass.
Anticipation - Answer✔present worth of future benefits
Balance - Answer✔max value is obtained when the 4 agents of production attain a state of
equilibrium
Change - Answer✔The tendency of social and economic forces affecting supply and demand to
alter over time
Competition - Answer✔Availability must be in harmony with demand. If one or the other is in
excess prices will increase or decrease
Conformity - Answer✔The value of property depends in part in its relationship to its
surroundings
Consistent Use - Answer✔States that a property must be valued with a single use for the entire
property
Contribution - Answer✔The basis for applying the adjustments in the sales comparison
approach
Increasing/Decreasing Returns - Answer✔After reaching a certain point the addition of
successive increments of one agent of production will decrease future incomes or amenities
Progression/Regression - Answer✔The value of a lower priced property is increased by its
association with better properties of the same type
Substitution - Answer✔Market value of a property tends to be set by the cost of acquiring an
equally desirable and valuable property
Surplus Productivity - Answer✔Net income remaining after the cost of labor, management, &
capital has been paid
Supply - Answer✔The amount of goods that producers are willing to sell under various
conditions during a given period
1
, ©THEBRIGHT 2024/2025 ALL RIGHTS RESERVED 10:15AM A+
Demand - Answer✔Quantities of various goods that people are willing to and able to buy during
some period, given the choices available to them
Land - Answer✔The surface of the earth and everything above it and beneath it
5 attributes of Land - Answer✔Permanent
Unique
Finite supply
Functional
Stationary
4 Characteristics of Land - Answer✔DUST
Natural state of the land before anything is done to it - Answer✔raw land
Improvements to land - Answer✔everything done to the land that increases its usefulness
without actually placing a structure or building is considered
Improvements on land - Answer✔any structures or buildings placed on the land are considered
Site - Answer✔A parcel of land that has been developed to the extent that it is ready to be build
upon for its intended use
Bundle of Rights - Answer✔SLUGER
Eminent Domain - Answer✔The power of the gov to take land for public use providing just
compensation
Private restrictions - Answer✔easements or right of ways
4 Agents of Production - Answer✔Land
Labor
Capital
Management
Assessors are responsible for classifying land to ensure that - Answer✔Improved parcels can be
appraised properly
Both public and private planners can make well informed land use decisions
Land demand variables - Answer✔Income levels
Wage rates
2
