THEBRIGHT EXAM SOLUTIONS 8/20/2024 8:37 PM
iaao 101 Exam Questions With Correct
Answers
Ad valorem - answer✔✔According to Value
The basic responsibilities of an Appraiser to all taxable property. - answer✔✔1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - answer✔✔Situs
The type of value usually estimated by an Appraiser is the - answer✔✔Market Value
The effective tax rate reflects the ratio between what - answer✔✔The current tax bill and the
property value
Assessment level times the tax rate equals - answer✔✔The effective tax rate
_________ divided by the assessed value equals the tax rate. - answer✔✔Budget
_________ is the physical land and everything permanently attached to it. - answer✔✔Real
Estate
Property tax is an _________. - answer✔✔ad valorem tax
How do you calculate the Assessment Ratio of a property? - answer✔✔Assessed Value ÷ Market
Value
How do you calculate the Tax rate (%) ? - answer✔✔Budgeted Revenue (Minus any other
revenue sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - answer✔✔Tax rate X Assessed value of Property
Fractional Assessment - answer✔✔An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - answer✔✔SLUGER
, THEBRIGHT EXAM SOLUTIONS 8/20/2024 8:37 PM
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - answer✔✔PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate -
answer✔✔Personal Property
The four Governmental restrictions on property ownership: - answer✔✔TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - answer✔✔1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
iaao 101 Exam Questions With Correct
Answers
Ad valorem - answer✔✔According to Value
The basic responsibilities of an Appraiser to all taxable property. - answer✔✔1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - answer✔✔Situs
The type of value usually estimated by an Appraiser is the - answer✔✔Market Value
The effective tax rate reflects the ratio between what - answer✔✔The current tax bill and the
property value
Assessment level times the tax rate equals - answer✔✔The effective tax rate
_________ divided by the assessed value equals the tax rate. - answer✔✔Budget
_________ is the physical land and everything permanently attached to it. - answer✔✔Real
Estate
Property tax is an _________. - answer✔✔ad valorem tax
How do you calculate the Assessment Ratio of a property? - answer✔✔Assessed Value ÷ Market
Value
How do you calculate the Tax rate (%) ? - answer✔✔Budgeted Revenue (Minus any other
revenue sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - answer✔✔Tax rate X Assessed value of Property
Fractional Assessment - answer✔✔An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - answer✔✔SLUGER
, THEBRIGHT EXAM SOLUTIONS 8/20/2024 8:37 PM
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - answer✔✔PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate -
answer✔✔Personal Property
The four Governmental restrictions on property ownership: - answer✔✔TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - answer✔✔1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
