TX Property Tax Consulting Exam
Questions and Answers 100%
Pass
Where is the code of ethics found? - CORRECT ANSWER-Texas Administrative
Code 16 chapter 66
TX Property Tax Code Chapter 1 - CORRECT ANSWER-General Provisions
TX Property Tax Code Chapter 6 - CORRECT ANSWER-Property Tax Admin
TX Property Tax Code Chapter 11 - CORRECT ANSWER-Taxable Property &
Exemptions
Taxable Property Section - CORRECT ANSWER-11.01-11.02
Exemptions Section - CORRECT ANSWER-11.11-11.35
TX Property Tax Code Chapter 21 - CORRECT ANSWER-Appraisal and
Assessment/Situs
TX Property Tax Code Chapter 22 - CORRECT ANSWER-Rendition and
Reports
,TX Property Tax Code Chapter 23 - CORRECT ANSWER-Appraisal Methods &
Procedures
TX Property Tax Code Chapter 25 - CORRECT ANSWER-Local Appraisal
TX Property Tax Code Chapter 26 - CORRECT ANSWER-Assessment
TX Property Tax Code Chapter 31 & 32 - CORRECT ANSWER-Collections and
Delinquency and Tax Liens and Personal Liability
TX Property Tax Code Chapter 41 - CORRECT ANSWER-Local Review
TX Property Tax Code Chapter 41A - CORRECT ANSWER-Binding Arbitration
TX Property Tax Code Chapter 42 - CORRECT ANSWER-Judicial Review
Four Agents of Production - CORRECT ANSWER-Capital, Entrepreneurship,
Land, Labor (CELL)
Economic Characteristics of Value - CORRECT ANSWER-Utility (useful),
Scarcity (limited), Effective Purchasing Power, Demand (wanted), Desirability
(rare) (USEDD)
General Data - CORRECT ANSWER-PEGS
Forces that Impact Real Estate - CORRECT ANSWER-Physical/Environmental,
Economic, Governmental, Social (PEGS)
Common Tenancies - CORRECT ANSWER-Joint Tenancy, Tenancy in Common,
Tenancy by the Entirety, Right to Survivorship
, Legal Description - CORRECT ANSWER-Metes & Bounds, Government, Lot &
Block, Monument
Lot & Block - CORRECT ANSWER-Most often used. Subdivided plat recorded
into public record
Collection Data Types - CORRECT ANSWER-General Data (PEGS) & Specific
Data
Verification Process - CORRECT ANSWER-Property Rights Convey, Financing,
Condition of Sale, Market Conditions, Location, Physical Characteristics, Income
Variance
Three Approaches - CORRECT ANSWER-Cost Approach, Income Approach,
Sales Variance
Cost Approach - CORRECT ANSWER-Values real estate by calculating how
much the building would cost today if it were destroyed and needed to be replaced
from start to finish
Income Approach - CORRECT ANSWER-Views real estate as an investment
vehicle, current dollars exchanged for rights to receive future dollars
How would you appraise land - CORRECT ANSWER-Sales comparison approach
Optimum Level (Highest & Best Use) - CORRECT ANSWER-Physically Possible,
Legally Permissible, Financially Feasible, Maximally Productive (PLFM)
Surplus Land - CORRECT ANSWER-Cannot be sold off
Questions and Answers 100%
Pass
Where is the code of ethics found? - CORRECT ANSWER-Texas Administrative
Code 16 chapter 66
TX Property Tax Code Chapter 1 - CORRECT ANSWER-General Provisions
TX Property Tax Code Chapter 6 - CORRECT ANSWER-Property Tax Admin
TX Property Tax Code Chapter 11 - CORRECT ANSWER-Taxable Property &
Exemptions
Taxable Property Section - CORRECT ANSWER-11.01-11.02
Exemptions Section - CORRECT ANSWER-11.11-11.35
TX Property Tax Code Chapter 21 - CORRECT ANSWER-Appraisal and
Assessment/Situs
TX Property Tax Code Chapter 22 - CORRECT ANSWER-Rendition and
Reports
,TX Property Tax Code Chapter 23 - CORRECT ANSWER-Appraisal Methods &
Procedures
TX Property Tax Code Chapter 25 - CORRECT ANSWER-Local Appraisal
TX Property Tax Code Chapter 26 - CORRECT ANSWER-Assessment
TX Property Tax Code Chapter 31 & 32 - CORRECT ANSWER-Collections and
Delinquency and Tax Liens and Personal Liability
TX Property Tax Code Chapter 41 - CORRECT ANSWER-Local Review
TX Property Tax Code Chapter 41A - CORRECT ANSWER-Binding Arbitration
TX Property Tax Code Chapter 42 - CORRECT ANSWER-Judicial Review
Four Agents of Production - CORRECT ANSWER-Capital, Entrepreneurship,
Land, Labor (CELL)
Economic Characteristics of Value - CORRECT ANSWER-Utility (useful),
Scarcity (limited), Effective Purchasing Power, Demand (wanted), Desirability
(rare) (USEDD)
General Data - CORRECT ANSWER-PEGS
Forces that Impact Real Estate - CORRECT ANSWER-Physical/Environmental,
Economic, Governmental, Social (PEGS)
Common Tenancies - CORRECT ANSWER-Joint Tenancy, Tenancy in Common,
Tenancy by the Entirety, Right to Survivorship
, Legal Description - CORRECT ANSWER-Metes & Bounds, Government, Lot &
Block, Monument
Lot & Block - CORRECT ANSWER-Most often used. Subdivided plat recorded
into public record
Collection Data Types - CORRECT ANSWER-General Data (PEGS) & Specific
Data
Verification Process - CORRECT ANSWER-Property Rights Convey, Financing,
Condition of Sale, Market Conditions, Location, Physical Characteristics, Income
Variance
Three Approaches - CORRECT ANSWER-Cost Approach, Income Approach,
Sales Variance
Cost Approach - CORRECT ANSWER-Values real estate by calculating how
much the building would cost today if it were destroyed and needed to be replaced
from start to finish
Income Approach - CORRECT ANSWER-Views real estate as an investment
vehicle, current dollars exchanged for rights to receive future dollars
How would you appraise land - CORRECT ANSWER-Sales comparison approach
Optimum Level (Highest & Best Use) - CORRECT ANSWER-Physically Possible,
Legally Permissible, Financially Feasible, Maximally Productive (PLFM)
Surplus Land - CORRECT ANSWER-Cannot be sold off
