1|Page
IAAO 101 - Quizzes |Comprehensive Q&A
For Certification Success
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are .-correct-answer-supply and demand
is the point at which the forces of supply and demand meet ---- the
point of balance.-correct-answer-equilibrium
A/an interest is ownership of all the rights in a property, except
those reserved by the government, and with no private encumbrances.-correct-
answer-fee simple
In the appraisal process, data collection requires the assessor to collect-correct-
answer-A. general data
B. specific data
C. comparative data
D. All of the above
, 2|Page
Which of the following is not one of the four great forces by which value is
created, maintained, modified or destroyed?-correct-answer-conceptual
A may be defined as an area of complementary land uses in
which all properties are similarly influenced by the four forces affecting value.-
correct-answer-neighborhood
What element of the marketplace is likely to contribute to a change in demand?-
correct-answer-consumer expectations
What element of the marketplace is likely to contribute to a change in supply?-
correct-answer-entrepreneur expectations
A township in the Public Land Survey System contains sections, with each
section containing _____ acres.-correct-answer-36
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres.-correct-answer-2.5
IAAO 101 - Quizzes |Comprehensive Q&A
For Certification Success
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are .-correct-answer-supply and demand
is the point at which the forces of supply and demand meet ---- the
point of balance.-correct-answer-equilibrium
A/an interest is ownership of all the rights in a property, except
those reserved by the government, and with no private encumbrances.-correct-
answer-fee simple
In the appraisal process, data collection requires the assessor to collect-correct-
answer-A. general data
B. specific data
C. comparative data
D. All of the above
, 2|Page
Which of the following is not one of the four great forces by which value is
created, maintained, modified or destroyed?-correct-answer-conceptual
A may be defined as an area of complementary land uses in
which all properties are similarly influenced by the four forces affecting value.-
correct-answer-neighborhood
What element of the marketplace is likely to contribute to a change in demand?-
correct-answer-consumer expectations
What element of the marketplace is likely to contribute to a change in supply?-
correct-answer-entrepreneur expectations
A township in the Public Land Survey System contains sections, with each
section containing _____ acres.-correct-answer-36
640
The NE1/4NW1/4SE1/4SW1/4 contains _______ acres.-correct-answer-2.5
