IAAO 101 Practice Questions with Correct Answers| Latest Update Guaranteed Success
Cadastral maps and GIS are mainly used when: Discovering property
One of the steps an assessor must take in the discovery of property is to: Conduct periodic
on-site inspections of properties
The basic responsibilities of the assessor are to ______ all taxable property. Discover, list,
value.
The uniform Standards of Professional Appraisal Practice (USPAP) were developed to:
Promote a high level of public trust by establishing requirements for appraisers.
The property tax is a/an _______ _______ tax, meaning it is based on value. Ad valorem
A jurisdiction's tax rate is determined by dividing the ___________ to be derived from property
tax by the total assessed value of the taxing jurisdiction. Budget
The assessment ratio of a jurisdiction is 0.25, and the assessed value is $5,000,000. What is the
total market value of the jurisdiction? $20,000,000
If a tax rate is $13.30 per $100, the decimal equivalent would be: 0
Which of the following is a governmental restriction to the "bundle of rights?" Eminent
domain
Which of the following is a basic right associated with the ownership of property To use, to
lease or rent, to enter or leave, all of the above.
, Property is considered _____ if it can be moved without causing any damage to either the item
of property or the structure to which it is attached. Personal
The term for the physical land and everything permanently attached to it is: Real estate
The principle of ______ states that market value is never constant because environmental,
governmental, social, and economic forces are at work influencing the property and its
environment. Change
The underlying principle for the three approaches to value is the principle of ______
Substitution
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: Substitution
Which appraisal principle affirms that land cannot be valued on the basis of one use, while
improvements are valued on the basis of another? Consistent use
Market value is defined as the most probable price of a property in terms of money, assuming:
Buyer and seller are typically motivated.
A reasonable time is allowed for exposure in the open market.
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto.
When the four forces - physical (environmental), governmental, social, and economic - are in
balance, the market achieves a temporary state of _________. Equilibrium
What element of the marketplace is likely to contribute to a change in demand? Consumer
expectations
Cadastral maps and GIS are mainly used when: Discovering property
One of the steps an assessor must take in the discovery of property is to: Conduct periodic
on-site inspections of properties
The basic responsibilities of the assessor are to ______ all taxable property. Discover, list,
value.
The uniform Standards of Professional Appraisal Practice (USPAP) were developed to:
Promote a high level of public trust by establishing requirements for appraisers.
The property tax is a/an _______ _______ tax, meaning it is based on value. Ad valorem
A jurisdiction's tax rate is determined by dividing the ___________ to be derived from property
tax by the total assessed value of the taxing jurisdiction. Budget
The assessment ratio of a jurisdiction is 0.25, and the assessed value is $5,000,000. What is the
total market value of the jurisdiction? $20,000,000
If a tax rate is $13.30 per $100, the decimal equivalent would be: 0
Which of the following is a governmental restriction to the "bundle of rights?" Eminent
domain
Which of the following is a basic right associated with the ownership of property To use, to
lease or rent, to enter or leave, all of the above.
, Property is considered _____ if it can be moved without causing any damage to either the item
of property or the structure to which it is attached. Personal
The term for the physical land and everything permanently attached to it is: Real estate
The principle of ______ states that market value is never constant because environmental,
governmental, social, and economic forces are at work influencing the property and its
environment. Change
The underlying principle for the three approaches to value is the principle of ______
Substitution
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: Substitution
Which appraisal principle affirms that land cannot be valued on the basis of one use, while
improvements are valued on the basis of another? Consistent use
Market value is defined as the most probable price of a property in terms of money, assuming:
Buyer and seller are typically motivated.
A reasonable time is allowed for exposure in the open market.
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto.
When the four forces - physical (environmental), governmental, social, and economic - are in
balance, the market achieves a temporary state of _________. Equilibrium
What element of the marketplace is likely to contribute to a change in demand? Consumer
expectations
