1
IAAO 101 - REVIEW QUESTIONS AND
ANSWERS 2025 | BRAND NEW ACTUAL EXAM
WITH 100% VERIFIED SOLUTIONS
The property tax is an tax, meaning it is based on value. -
correct-answer -ad valorem
The assessor is responsible for the , , and of all
taxable property. - correct-answer -discovery
listing
valuation
The taxable location of personal property is referred to as its .-
correct-answer -situs
An estimate of value, usually in writing, of an adequately described property, as of
a given date, is termed . - correct-answer -an appraisal
, 2
A jurisdiction's tax rate is determined by dividing the to be derived
from property tax by the total of the taxing jurisdiction.
- correct-answer -budget
assessed valuation
The type of value usually estimated by the assessor is value. - correct-
answer -market
The reflects the ratio between the current tax
bill and the property value. - correct-answer -effective tax rate
In order for a property to have value, it must have , ,
and . - correct-answer -utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable
time period is called . - correct-answer -
highest and best use
, 3
The principle of states that maximum value of a neighborhood is
attained when the uses of land are perfectly complementary. - correct-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? - correct-answer -
Consistent use
List the four tests that the appraiser must make in the analysis of the highest and
best use. - correct-answer -Legally permissible
Physically possible
Financially feasible
Most productive
is a parcel of land and any structures or improvements that are
permanently affixed thereto. - correct-answer -Real estate
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. -
correct-answer -personal
IAAO 101 - REVIEW QUESTIONS AND
ANSWERS 2025 | BRAND NEW ACTUAL EXAM
WITH 100% VERIFIED SOLUTIONS
The property tax is an tax, meaning it is based on value. -
correct-answer -ad valorem
The assessor is responsible for the , , and of all
taxable property. - correct-answer -discovery
listing
valuation
The taxable location of personal property is referred to as its .-
correct-answer -situs
An estimate of value, usually in writing, of an adequately described property, as of
a given date, is termed . - correct-answer -an appraisal
, 2
A jurisdiction's tax rate is determined by dividing the to be derived
from property tax by the total of the taxing jurisdiction.
- correct-answer -budget
assessed valuation
The type of value usually estimated by the assessor is value. - correct-
answer -market
The reflects the ratio between the current tax
bill and the property value. - correct-answer -effective tax rate
In order for a property to have value, it must have , ,
and . - correct-answer -utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable
time period is called . - correct-answer -
highest and best use
, 3
The principle of states that maximum value of a neighborhood is
attained when the uses of land are perfectly complementary. - correct-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? - correct-answer -
Consistent use
List the four tests that the appraiser must make in the analysis of the highest and
best use. - correct-answer -Legally permissible
Physically possible
Financially feasible
Most productive
is a parcel of land and any structures or improvements that are
permanently affixed thereto. - correct-answer -Real estate
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. -
correct-answer -personal
