IAAO 101 – QUESTIONS AND
ANSWERS
In the appraisal process, data collection requires the assessor to collect ANSW✅✅A. general data
B. specific data
C. comparative data
D. All of the above
Which of the following is not one of the four great forces by which value is created, maintained,
modified or destroyed? ANSW✅✅conceptual
A ______________ may be defined as an area of complementary land uses in which all properties
are similarly influenced by the four forces affecting value. ANSW✅✅neighborhood
What element of the marketplace is likely to contribute to a change in demand?
ANSW✅✅consumer expectations
What element of the marketplace is likely to contribute to a change in supply?
ANSW✅✅entrepreneur expectations
A township in the Public Land Survey System contains _____ sections, with each section containing
_____ acres. ANSW✅✅36
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. ANSW✅✅2.5
A land description system in which boundaries are described as distances between two
semipermanent points or as lines following compass bearings is known as
____________________________. ANSW✅✅metes and bounds descriptions
The principle that states that market value of a property tends to be set by the cost of acquiring an
equally desirable and valuable substitute property is______________. ANSW✅✅substitution
, A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier
must be ANSW✅✅A. unique
B. permanent
C. simple
D. All of the above
Stratification is the first step in analyzing land sale, and the primary sort is by _______________.
ANSW✅✅market area
The principle illustrating that market value is determined by such factors as zoning, rent controls,
interest rates, and so on is ANSW✅✅change
The appropriate map scale for urban area is: ANSW✅✅1" - 100'
A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre?
ANSW✅✅$600,000
The ________ unit would be appropriate unit when pedestrian access is an important consideration.
ANSW✅✅front foot
When adjustments are being made to comparable sales, using percentage adjustments in the direct
sales comparison approach, the sequence of adjustments the appraiser must follow is
ANSW✅✅financing, market conditions, location, physical characteristics
The land valuation method that replicates the actions of subdividers or developers is known as the
ANSW✅✅anticipated use or development method
The cost of producing a building or structure having the same utility but using modern materials,
design, and workmanship is called __________________. ANSW✅✅replacement cost
When a cost manual is being used, which one of the following components is not included in the
inventory of physical characteristics for the building? ANSW✅✅heating and cooling
ANSWERS
In the appraisal process, data collection requires the assessor to collect ANSW✅✅A. general data
B. specific data
C. comparative data
D. All of the above
Which of the following is not one of the four great forces by which value is created, maintained,
modified or destroyed? ANSW✅✅conceptual
A ______________ may be defined as an area of complementary land uses in which all properties
are similarly influenced by the four forces affecting value. ANSW✅✅neighborhood
What element of the marketplace is likely to contribute to a change in demand?
ANSW✅✅consumer expectations
What element of the marketplace is likely to contribute to a change in supply?
ANSW✅✅entrepreneur expectations
A township in the Public Land Survey System contains _____ sections, with each section containing
_____ acres. ANSW✅✅36
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. ANSW✅✅2.5
A land description system in which boundaries are described as distances between two
semipermanent points or as lines following compass bearings is known as
____________________________. ANSW✅✅metes and bounds descriptions
The principle that states that market value of a property tends to be set by the cost of acquiring an
equally desirable and valuable substitute property is______________. ANSW✅✅substitution
, A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier
must be ANSW✅✅A. unique
B. permanent
C. simple
D. All of the above
Stratification is the first step in analyzing land sale, and the primary sort is by _______________.
ANSW✅✅market area
The principle illustrating that market value is determined by such factors as zoning, rent controls,
interest rates, and so on is ANSW✅✅change
The appropriate map scale for urban area is: ANSW✅✅1" - 100'
A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre?
ANSW✅✅$600,000
The ________ unit would be appropriate unit when pedestrian access is an important consideration.
ANSW✅✅front foot
When adjustments are being made to comparable sales, using percentage adjustments in the direct
sales comparison approach, the sequence of adjustments the appraiser must follow is
ANSW✅✅financing, market conditions, location, physical characteristics
The land valuation method that replicates the actions of subdividers or developers is known as the
ANSW✅✅anticipated use or development method
The cost of producing a building or structure having the same utility but using modern materials,
design, and workmanship is called __________________. ANSW✅✅replacement cost
When a cost manual is being used, which one of the following components is not included in the
inventory of physical characteristics for the building? ANSW✅✅heating and cooling
