IAAO 101 Test Questions with Correct
Answers
Discovery, listing, and valuation
3 basic responsibilities of appraiser
market value
valuation is an estimate of the ___ ___ of all taxable property
ad valorem
tax according to value
assessed value
other names for this include taxable value or percentage of market value
dollars per $100, per $1000, or mills
ways the nominal tax rate is expressed
tax rate * assessed value
formula to get tax bill
effective tax rat
rate expressing the ratio between the current tax bill and the property value
real property
sum of tangible and intangible rights in land and improvements
real estate
tangible, land and permanent improvements
, personal property
movable items not permanently affixed to or part of real esate, aka personalty or chattel
Sell, Lease, Use, Give away, Enter or leave, or Refuse
six basic rights associated with the ownership of property, aka bundle of rights
Taxation, Eminent domain, Police power, Escheat
governmental restrictions of property
fee simple
highest form of ownership of property
value
present worth of future benefits arising from the ownership of real property
utility, scarcity, desirability, effective purchasing power
in order for a property to have value, it must have:
value in use
value of a property for a specific use
value in exchange
amount an informed buyer would offer in exchange for a property under given market
conditions (market value)
appraisal
opinion or estimate of value, usually in writing, of an adequately described property, as of a
given date
Answers
Discovery, listing, and valuation
3 basic responsibilities of appraiser
market value
valuation is an estimate of the ___ ___ of all taxable property
ad valorem
tax according to value
assessed value
other names for this include taxable value or percentage of market value
dollars per $100, per $1000, or mills
ways the nominal tax rate is expressed
tax rate * assessed value
formula to get tax bill
effective tax rat
rate expressing the ratio between the current tax bill and the property value
real property
sum of tangible and intangible rights in land and improvements
real estate
tangible, land and permanent improvements
, personal property
movable items not permanently affixed to or part of real esate, aka personalty or chattel
Sell, Lease, Use, Give away, Enter or leave, or Refuse
six basic rights associated with the ownership of property, aka bundle of rights
Taxation, Eminent domain, Police power, Escheat
governmental restrictions of property
fee simple
highest form of ownership of property
value
present worth of future benefits arising from the ownership of real property
utility, scarcity, desirability, effective purchasing power
in order for a property to have value, it must have:
value in use
value of a property for a specific use
value in exchange
amount an informed buyer would offer in exchange for a property under given market
conditions (market value)
appraisal
opinion or estimate of value, usually in writing, of an adequately described property, as of a
given date
