IAAO 101 - REVIEW QUESTIONS AND
CORRECT ANSWERS
The four factors affecting land values are as follows: ANSW✅✅Physical (environmental)
Economic
Governmental
Social
The Principle of __________ __________ states that returns to land are what remain after returns to
labor, management and capital are satisfied. ANSW✅✅Surplus Productivity
List the six methods of land valuation: ANSW✅✅Direct sales comparison
Allocation
Abstraction
Anticipated use or development
Capitalization of ground rent
Land residual technique
A complete set of ________ maps showing boundaries, parcel size, sales information, and other
relevant features of all parcels in a jurisdiction is a necessary tool for assessors.
ANSW✅✅cadastral
The practice of measuring the direction of property lines with compass bearings and the distance
with measuring chains or tapes in order to obtain a property description is known as ______ ______
______. ANSW✅✅metes and bounds
A township in the Public Land Survey System contains ____ sections, with each section containing
_____ acres. ANSW✅✅36
640
When land is valued by using the direct sales comparison approach , sales must first be ________
into homogeneous groups. ANSW✅✅stratified
, Improvements such as streets, sidewalks, and the availability of utilities are considered _________
improvements. ANSW✅✅off-site
Which method of land valuation compares the property being appraised to comparable vacant
parcels that have recently sold? ANSW✅✅direct sales comparison
Front foot, square foot and acre are examples of basic _____ of __________. ANSW✅✅units
comparison
In the direct sales comparison approach to land valuation, adjustments are always made to the
________ property, never to the _______ property. ANSW✅✅comparable
subject
If a comparable lot that sold is superior in some aspect to the subject lot, a _________ adjustment
would be made to the comparable property. ANSW✅✅negative
A method of valuing land that subtracts the depreciated value of the improvement from the sale
price is known as _________. ANSW✅✅abstraction
The preferred method of valuing land if adequate data is available is the ANSW✅✅Direct sales
comparison method
A land-to-building ratio of 1:4 means land represents ____ percent of the value. ANSW✅✅20
The appropriate map scale for suburban areas and small towns is ANSW✅✅1" = 200'
The merging of adjacent parcels into one common ownership without creating an increase in the
unit value is known as _________. ANSW✅✅assemblage
The property account number, linking ownership records, tax maps and assessment records, is
known as the _________ ________. ANSW✅✅parcel identifier
CORRECT ANSWERS
The four factors affecting land values are as follows: ANSW✅✅Physical (environmental)
Economic
Governmental
Social
The Principle of __________ __________ states that returns to land are what remain after returns to
labor, management and capital are satisfied. ANSW✅✅Surplus Productivity
List the six methods of land valuation: ANSW✅✅Direct sales comparison
Allocation
Abstraction
Anticipated use or development
Capitalization of ground rent
Land residual technique
A complete set of ________ maps showing boundaries, parcel size, sales information, and other
relevant features of all parcels in a jurisdiction is a necessary tool for assessors.
ANSW✅✅cadastral
The practice of measuring the direction of property lines with compass bearings and the distance
with measuring chains or tapes in order to obtain a property description is known as ______ ______
______. ANSW✅✅metes and bounds
A township in the Public Land Survey System contains ____ sections, with each section containing
_____ acres. ANSW✅✅36
640
When land is valued by using the direct sales comparison approach , sales must first be ________
into homogeneous groups. ANSW✅✅stratified
, Improvements such as streets, sidewalks, and the availability of utilities are considered _________
improvements. ANSW✅✅off-site
Which method of land valuation compares the property being appraised to comparable vacant
parcels that have recently sold? ANSW✅✅direct sales comparison
Front foot, square foot and acre are examples of basic _____ of __________. ANSW✅✅units
comparison
In the direct sales comparison approach to land valuation, adjustments are always made to the
________ property, never to the _______ property. ANSW✅✅comparable
subject
If a comparable lot that sold is superior in some aspect to the subject lot, a _________ adjustment
would be made to the comparable property. ANSW✅✅negative
A method of valuing land that subtracts the depreciated value of the improvement from the sale
price is known as _________. ANSW✅✅abstraction
The preferred method of valuing land if adequate data is available is the ANSW✅✅Direct sales
comparison method
A land-to-building ratio of 1:4 means land represents ____ percent of the value. ANSW✅✅20
The appropriate map scale for suburban areas and small towns is ANSW✅✅1" = 200'
The merging of adjacent parcels into one common ownership without creating an increase in the
unit value is known as _________. ANSW✅✅assemblage
The property account number, linking ownership records, tax maps and assessment records, is
known as the _________ ________. ANSW✅✅parcel identifier
