IAAO COURSE 101 QUESTIONS AND ANSWERS
ad volorem - Answers- according to value
3 Responsibilities of an assessor - Answers- Discover
List
Value
Important tools in the discover of property - Answers- Adequate mapping system
Recorded information
Periodic on-site inspection
Different class identifications - Answers- Real
Personal
Exempt
Utility
Important elements in the listing of property - Answers- Legal description
Street address
Parcel identifier
Property class
Property use
Property situs
Physical attributes
Value or valuation key steps - Answers- Estimate
Assess
Review
Certify
Purpose of USPAP - Answers- To promote and maintain a high level of public trust in
appraisal practice by establishing requirements for appraisers
USPAP ethics rule - Answers- Integrity
Impartiality
Objectivity
Independent judgment
Ethical conduct
Property - Answers- In aggregate of things or right to things or the legal interest of an
owner in a parcel or thing
What is USPAP comprised of - Answers- Definitions
preamble
ethics rule
record keeping rule l
, competency rule
scope of work rule
jurisdictional exemption rule
10 standards
real estate - Answers- Land, and improvements, permanently attached to it
Four property classes - Answers- Residential
commercial
industrial
agricultural
Personal Property - Answers- Movable items not permanently affixed to, or a part of,
the real estate
intangible property - Answers- Non-physical assets that have no extrinsic value
The bundle of rights of ownership - Answers- 1.sell
2. Lease or rent
3. Use
4. Giveaway
5. Enter or leave
6. Refuse
Governmental restrictions of ownership - Answers- Taxation, eminent domain, police
power, escheat
Private encumbrances of ownership - Answers- 1. Rights of co-owners
2. condominium and subdivision restrictions
3. Covenants, conditions, and restrictions
4. Mortgages
5. Easements and right of ways
6. Liens and judgments
7. Leases
What is USPAP - Answers- Uniform Standards of professional Appraisal Practice
Legal definition of property - Answers- The right to possess, use, enjoy, dispose of a
thing
Three major categories of property - Answers- Real
Personal
intangible
Real Property - Answers- Interests, benefits, and rights inherent and ownership of land
in anything permanently attached to the land
ad volorem - Answers- according to value
3 Responsibilities of an assessor - Answers- Discover
List
Value
Important tools in the discover of property - Answers- Adequate mapping system
Recorded information
Periodic on-site inspection
Different class identifications - Answers- Real
Personal
Exempt
Utility
Important elements in the listing of property - Answers- Legal description
Street address
Parcel identifier
Property class
Property use
Property situs
Physical attributes
Value or valuation key steps - Answers- Estimate
Assess
Review
Certify
Purpose of USPAP - Answers- To promote and maintain a high level of public trust in
appraisal practice by establishing requirements for appraisers
USPAP ethics rule - Answers- Integrity
Impartiality
Objectivity
Independent judgment
Ethical conduct
Property - Answers- In aggregate of things or right to things or the legal interest of an
owner in a parcel or thing
What is USPAP comprised of - Answers- Definitions
preamble
ethics rule
record keeping rule l
, competency rule
scope of work rule
jurisdictional exemption rule
10 standards
real estate - Answers- Land, and improvements, permanently attached to it
Four property classes - Answers- Residential
commercial
industrial
agricultural
Personal Property - Answers- Movable items not permanently affixed to, or a part of,
the real estate
intangible property - Answers- Non-physical assets that have no extrinsic value
The bundle of rights of ownership - Answers- 1.sell
2. Lease or rent
3. Use
4. Giveaway
5. Enter or leave
6. Refuse
Governmental restrictions of ownership - Answers- Taxation, eminent domain, police
power, escheat
Private encumbrances of ownership - Answers- 1. Rights of co-owners
2. condominium and subdivision restrictions
3. Covenants, conditions, and restrictions
4. Mortgages
5. Easements and right of ways
6. Liens and judgments
7. Leases
What is USPAP - Answers- Uniform Standards of professional Appraisal Practice
Legal definition of property - Answers- The right to possess, use, enjoy, dispose of a
thing
Three major categories of property - Answers- Real
Personal
intangible
Real Property - Answers- Interests, benefits, and rights inherent and ownership of land
in anything permanently attached to the land
