IAAO 101 - REVIEW QUESTIONS AND VERIFIED DETAILED
SOLUTIONS ( MULTIPLE CHOICES) |100% CORRECT!!
The property tax is an ____ __________ tax, meaning it is based on
value. Correct Answers ad valorem
The assessor is responsible for the _______, ________, and __________
of all taxable property. Correct Answers discovery
listing
valuation
The taxable location of personal property is referred to as its
__________. Correct Answers situs
An estimate of value, usually in writing, of an adequately described
property, as of a given date, is termed ___ ___________. Correct
Answers an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be
derived from property tax by the total _________ ____________ of the
taxing jurisdiction. Correct Answers budget
assessed valuation
The type of value usually estimated by the assessor is __________
value. Correct Answers market
,The _________ ________ _________ reflects the ratio between the
current tax bill and the property value. Correct Answers effective tax
rate
In order for a property to have value, it must have ______, _______,
________ and __________ __________ _________. Correct Answers
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 Answers highest and best use
The principle of __________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly
complementary. Correct Answers 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 Answers Consistent use
List the four tests that the appraiser must make in the analysis of the
highest and best use. Correct Answers Legally permissible
Physically possible
, Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto. Correct Answers
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 Answers personal
Assessment level times the tax rate equals the _________ ______
________. Correct Answers effective tax rate
____________ is the point at which the forces of supply and forces of
demand meet. Correct Answers Equilibrium
List the two types of highest and best use analysis. Correct Answers A.
As if vacant.
B. As if improved.
The typical life cycle of a neighborhood includes ________, ________,
_______ and ___________. Correct Answers growth
stability
decline
SOLUTIONS ( MULTIPLE CHOICES) |100% CORRECT!!
The property tax is an ____ __________ tax, meaning it is based on
value. Correct Answers ad valorem
The assessor is responsible for the _______, ________, and __________
of all taxable property. Correct Answers discovery
listing
valuation
The taxable location of personal property is referred to as its
__________. Correct Answers situs
An estimate of value, usually in writing, of an adequately described
property, as of a given date, is termed ___ ___________. Correct
Answers an appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be
derived from property tax by the total _________ ____________ of the
taxing jurisdiction. Correct Answers budget
assessed valuation
The type of value usually estimated by the assessor is __________
value. Correct Answers market
,The _________ ________ _________ reflects the ratio between the
current tax bill and the property value. Correct Answers effective tax
rate
In order for a property to have value, it must have ______, _______,
________ and __________ __________ _________. Correct Answers
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 Answers highest and best use
The principle of __________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly
complementary. Correct Answers 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 Answers Consistent use
List the four tests that the appraiser must make in the analysis of the
highest and best use. Correct Answers Legally permissible
Physically possible
, Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto. Correct Answers
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 Answers personal
Assessment level times the tax rate equals the _________ ______
________. Correct Answers effective tax rate
____________ is the point at which the forces of supply and forces of
demand meet. Correct Answers Equilibrium
List the two types of highest and best use analysis. Correct Answers A.
As if vacant.
B. As if improved.
The typical life cycle of a neighborhood includes ________, ________,
_______ and ___________. Correct Answers growth
stability
decline
