iaao 101 | Questions with 100% Verified Answers | Latest
Update 2026/2027
Question: ad valorem
Answer: According to Value
Question: The basic responsibilities of an Appraiser to all taxable property.
Answer: 1. Discovery
2. Listing
3. Valuation
Question: The taxable location of personal property is referred to as its'
Answer: Situs
Question: The type of value usually estimated by an Appraiser is the
Answer: Market Value
Question: The effective tax rate reflects the ratio between what
Answer: The current tax bill and the property value
Question: Assessment level times the tax rate equals
Answer: The effective tax rate
Question: _________ divided by the assessed value equals the tax rate.
Answer: Budget
Question: _________ is the physical land and everything permanently attached to it.
Answer: Real Estate
Question: Property tax is an _________.
Answer: ad valorem tax
Question: How do you calculate the Assessment Ratio of a property?
Answer: Assessed Value ÷ Market Value
Question: How do you calculate the Tax rate (%) ?
Answer: Budgeted Revenue (Minus any other revenue sources) ÷ Total Assessed Value of all property
Question: How do you calculate the Property Tax bill?
Answer: Tax rate X Assessed value of Property
Question: Fractional Assessment
Answer: An assessed value not statutorily at 100% of market value
, Question: The six basic rights associated with property are:
Answer: SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
Question: The four factors that influence/effect land values are:
Answer: PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
Question: _________ consists of movable items not permanently affixed to, or part of the real estate
Answer: Personal Property
Question: The four Governmental restrictions on property ownership:
Answer: TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Question: Private encumbrances:
Answer: 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Question: Value in use
Answer: Is the value of a property for a specific use
Question: Value in exchange
Answer: Is the amount an informed buyer would offer in exchange for a property under given market
conditions
Question: Principle of Anticipation *
Answer: Present worth of future benefits
Question: Principle of Change *
Answer: The tendency of social and economic forces affecting supply and demand to alter over time
Question: Principle of Contribution *
Answer: The basis for applying the adjustments in the sales comparison approach
Update 2026/2027
Question: ad valorem
Answer: According to Value
Question: The basic responsibilities of an Appraiser to all taxable property.
Answer: 1. Discovery
2. Listing
3. Valuation
Question: The taxable location of personal property is referred to as its'
Answer: Situs
Question: The type of value usually estimated by an Appraiser is the
Answer: Market Value
Question: The effective tax rate reflects the ratio between what
Answer: The current tax bill and the property value
Question: Assessment level times the tax rate equals
Answer: The effective tax rate
Question: _________ divided by the assessed value equals the tax rate.
Answer: Budget
Question: _________ is the physical land and everything permanently attached to it.
Answer: Real Estate
Question: Property tax is an _________.
Answer: ad valorem tax
Question: How do you calculate the Assessment Ratio of a property?
Answer: Assessed Value ÷ Market Value
Question: How do you calculate the Tax rate (%) ?
Answer: Budgeted Revenue (Minus any other revenue sources) ÷ Total Assessed Value of all property
Question: How do you calculate the Property Tax bill?
Answer: Tax rate X Assessed value of Property
Question: Fractional Assessment
Answer: An assessed value not statutorily at 100% of market value
, Question: The six basic rights associated with property are:
Answer: SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
Question: The four factors that influence/effect land values are:
Answer: PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
Question: _________ consists of movable items not permanently affixed to, or part of the real estate
Answer: Personal Property
Question: The four Governmental restrictions on property ownership:
Answer: TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Question: Private encumbrances:
Answer: 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Question: Value in use
Answer: Is the value of a property for a specific use
Question: Value in exchange
Answer: Is the amount an informed buyer would offer in exchange for a property under given market
conditions
Question: Principle of Anticipation *
Answer: Present worth of future benefits
Question: Principle of Change *
Answer: The tendency of social and economic forces affecting supply and demand to alter over time
Question: Principle of Contribution *
Answer: The basis for applying the adjustments in the sales comparison approach
