IAAO 101 chapter 1 Exam Questions and Answers Latest Update 2025 Already Passed
Ad valorem - Answers The property tax is a(n) ____________________ tax, which means it is based on
value.
Discovery, listing and valuation. - Answers The assessor is responsible for ___________________ of all
taxable property.
Situs - Answers The taxable location of personal property is referred to as its
___________________________________
An appraisal - Answers The estimate of value, usually in writing, of an adequately described property, as
of a given date, is termed_____________
Budget - Answers A jurisdictions's tax rate is determined by dividing the _______ to be derived from
property tax by the total assessed value of the taxing jurisdiction.
Market - Answers The type of value usually estimated by the assessor is the ________ value.
Effective tax rate - Answers The ____________________________________ reflects the ratio between
the current tax bill and the property value.
Utility, scarcity, desirability, and effective purchasing power. - Answers In order for a property to have
value, it must have _____________________________________________________________________.
Highest and best use - Answers The use that generates the highest net return to a property over a
reasonable time period is called its __________________________________.
Balance - Answers The principle of _____________________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly complementary.
Consistent use - Answers Which appraisal principle affirms that land cannot be valued on the basis of
one use while improvements are valued on the basis of another?
Legally possible, physically possible, financially feasible, most productive - Answers List the four tests
that the appraiser must make in the analysis of the highest and best use?
Real estate - Answers is a parcel of land and any structures or improvements that are permanently
affixed thereto.
Personal - Answers Property is considered _____________________ if it can be moved without causing
any damage or change to either the item of property or the structure to which it is attached.
Effective tax rate - Answers Assessment level times the tax rate equals the
____________________________________________.
Equilibrium - Answers is the point at which the forces of supply and forces of demand meet.
Ad valorem - Answers The property tax is a(n) ____________________ tax, which means it is based on
value.
Discovery, listing and valuation. - Answers The assessor is responsible for ___________________ of all
taxable property.
Situs - Answers The taxable location of personal property is referred to as its
___________________________________
An appraisal - Answers The estimate of value, usually in writing, of an adequately described property, as
of a given date, is termed_____________
Budget - Answers A jurisdictions's tax rate is determined by dividing the _______ to be derived from
property tax by the total assessed value of the taxing jurisdiction.
Market - Answers The type of value usually estimated by the assessor is the ________ value.
Effective tax rate - Answers The ____________________________________ reflects the ratio between
the current tax bill and the property value.
Utility, scarcity, desirability, and effective purchasing power. - Answers In order for a property to have
value, it must have _____________________________________________________________________.
Highest and best use - Answers The use that generates the highest net return to a property over a
reasonable time period is called its __________________________________.
Balance - Answers The principle of _____________________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly complementary.
Consistent use - Answers Which appraisal principle affirms that land cannot be valued on the basis of
one use while improvements are valued on the basis of another?
Legally possible, physically possible, financially feasible, most productive - Answers List the four tests
that the appraiser must make in the analysis of the highest and best use?
Real estate - Answers is a parcel of land and any structures or improvements that are permanently
affixed thereto.
Personal - Answers Property is considered _____________________ if it can be moved without causing
any damage or change to either the item of property or the structure to which it is attached.
Effective tax rate - Answers Assessment level times the tax rate equals the
____________________________________________.
Equilibrium - Answers is the point at which the forces of supply and forces of demand meet.
