1|Page
Summary IAAO 101 - Review ||Verified Exam!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
Graded A+ | Guaranteed Success!! Newest Exam!!!
A jurisdiction's tax rate is determined by dividing the
_________ to be derived from property tax by the total
_________ ____________ of the taxing jurisdiction. -
Answer-budget
assessed valuation
The type of value usually estimated by the assessor is
__________ value. - Answer-market
The _________ ________ _________ reflects the ratio
between the current tax bill and the property value. -
Answer-effective tax rate
In order for a property to have value, it must have ______,
_______, ________ and __________ __________
_________. - Answer-utility
scarcity
desirability
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effective purchasing power
The use that generates the highest net return to a property
over a reasonable time period is called ________
_______ _________ _________. - Answer-highest and
best use
The principle of __________ states that maximum value of
a neighborhood is attained when the uses of land are
perfectly complementary. - Answer-balance
Which appraisal principle affirms that land cannot be
valued on the basis of one use while improvements are
valued on the basis of another? - Answer-Consistent use
List the four tests that the appraiser must make in the
analysis of the highest and best use. - Answer-Legally
permissible
Physically possible
Financially feasible
Most productive
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_______ ________ is a parcel of land and any structures
or improvements that are permanently affixed thereto. -
Answer-Real estate
The property tax is an ____ __________ tax, meaning it is
based on value. - Answer-ad valorem
The assessor is responsible for the _______, ________,
and __________ of all taxable property. - Answer-
discovery
listing
valuation
The taxable location of personal property is referred to as
its __________. - Answer-situs
An estimate of value, usually in writing, of an adequately
described property, as of a given date, is termed ___
___________. - Answer-an appraisal
Property is considered ________ if it can be moved
without causing any damage or change to either the item
of property or the structure to which it is attached. -
Answer-personal
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Assessment level times the tax rate equals the _________
______ ________. - Answer-effective tax rate
____________ is the point at which the forces of supply
and forces of demand meet. - Answer-Equilibrium
List the two types of highest and best use analysis. -
Answer-A. As if vacant.
B. As if improved.
The typical life cycle of a neighborhood includes
________, ________, _______ and ___________. -
Answer-growth
stability
decline
revitalization
What elements of the marketplace are most likely to
contribute to a change in demand? - Answer-Consumer
tastes and preferences
Consumer income
Summary IAAO 101 - Review ||Verified Exam!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
Graded A+ | Guaranteed Success!! Newest Exam!!!
A jurisdiction's tax rate is determined by dividing the
_________ to be derived from property tax by the total
_________ ____________ of the taxing jurisdiction. -
Answer-budget
assessed valuation
The type of value usually estimated by the assessor is
__________ value. - Answer-market
The _________ ________ _________ reflects the ratio
between the current tax bill and the property value. -
Answer-effective tax rate
In order for a property to have value, it must have ______,
_______, ________ and __________ __________
_________. - Answer-utility
scarcity
desirability
,2|Page
effective purchasing power
The use that generates the highest net return to a property
over a reasonable time period is called ________
_______ _________ _________. - Answer-highest and
best use
The principle of __________ states that maximum value of
a neighborhood is attained when the uses of land are
perfectly complementary. - Answer-balance
Which appraisal principle affirms that land cannot be
valued on the basis of one use while improvements are
valued on the basis of another? - Answer-Consistent use
List the four tests that the appraiser must make in the
analysis of the highest and best use. - Answer-Legally
permissible
Physically possible
Financially feasible
Most productive
,3|Page
_______ ________ is a parcel of land and any structures
or improvements that are permanently affixed thereto. -
Answer-Real estate
The property tax is an ____ __________ tax, meaning it is
based on value. - Answer-ad valorem
The assessor is responsible for the _______, ________,
and __________ of all taxable property. - Answer-
discovery
listing
valuation
The taxable location of personal property is referred to as
its __________. - Answer-situs
An estimate of value, usually in writing, of an adequately
described property, as of a given date, is termed ___
___________. - Answer-an appraisal
Property is considered ________ if it can be moved
without causing any damage or change to either the item
of property or the structure to which it is attached. -
Answer-personal
, 4|Page
Assessment level times the tax rate equals the _________
______ ________. - Answer-effective tax rate
____________ is the point at which the forces of supply
and forces of demand meet. - Answer-Equilibrium
List the two types of highest and best use analysis. -
Answer-A. As if vacant.
B. As if improved.
The typical life cycle of a neighborhood includes
________, ________, _______ and ___________. -
Answer-growth
stability
decline
revitalization
What elements of the marketplace are most likely to
contribute to a change in demand? - Answer-Consumer
tastes and preferences
Consumer income
