4/10/25, 7:53 AM NJ Tax Assessors Exam - Terms and Concepts 2025 update| comprehensive questions and verified answers (complete solutio…
NJ Tax Assessors Exam - Terms and Concepts
2025 update| comprehensive questions and
verified answers (complete solutions) ASSURED
SUCCESS|GRADE A+!! (100% ACCURATE) GET IT
RIGHT!!
Save
Terms in this set (158)
What are the three basic Discovery, listing, and valuation
requirements of the
assessor?
To find effective tax rate Assessment level
multiply the tax rate by
____?
The six basic rights Sell, lease/rent, use, give away, enter or leave,
associated with property refusal to do any of the above
are ______?
What are the three major Real property, personal property, intangible
classifications of personal property
property?
List the appraisal Anticipation, balance, change, competition,
principles which form the conformity, consistent use, contribution, increasing
foundation for highest and decreasing returns, substitution, supply and
and best use analysis. demand, surplus productivity
What are the four forces Physical, economic, governmental, social
that influence value?
https://quizlet.com/1029677666/nj-tax-assessors-exam-terms-and-concepts-2025-update-comprehensive-questions-and-verified-answers-compl… 1/25
,4/10/25, 7:53 AM NJ Tax Assessors Exam - Terms and Concepts 2025 update| comprehensive questions and verified answers (complete solutio…
Highest and best use is Highest value
always the that use that
would produce the ______
____ of a property,
regardless of its actual
current use.
The four tests for highest Legally allowable, physically allowable, financially
and best use are _____ feasible, maximally productive
1. Definition of the problem,
2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
List the 7 major steps of 4. Data collection and analysis
the appraisal process. 5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to
derive final estimate of defined value
What are the three Cost, sales comparison, and income
approaches to value
used by appraisers to
estimate value?
The land identification Metes and bounds
system based on semi-
permanent physical
features or bearings on a
compass is known as ____
and ____.
Residential subdivisions Block and lot
are commonly described
by the ____ and ____ system
of land identification.
Name the 8 Frontage, width, depth, area, shape, topography,
characteristics that affect location, and off-site improvements
land value.
https://quizlet.com/1029677666/nj-tax-assessors-exam-terms-and-concepts-2025-update-comprehensive-questions-and-verified-answers-compl… 2/25
, 4/10/25, 7:53 AM NJ Tax Assessors Exam - Terms and Concepts 2025 update| comprehensive questions and verified answers (complete solutio…
This rule describes the percentage of the value of
each quarter of land based on its depth. The first
What is the 40-30-20-10 25% of the land amounts to 40% of the assessed
rule? value, the next 25% represents 30% of the value, the
next 25% represents 20%, and the final 25%
represents 10%.
Cost to produce an exact Reproduction cost new
replica of a structure
using the same materials,
construction standards,
and quality of
workmanship is known as
________ ____ ___
Cost to produce a Replacement cost new
structure with equivalent
utility using
contemporary materials
and standards is known
as _________ ____ ___
Cost of a property when Historical
it was originally
constructed is known as
__________ cost
The age of a property Effective age (EA)
based on condition and
utility is know as the ______
___.
Compare and contrast REL estimates the number of years remaining during
remaining economic life which improvements contribute to property. TEL is
(REL) and economic life the total number of years that improvements on
(TEL). land contribute to property value.
List the three types of Physical deterioration, functional obsolescence,
depreciation. external (economic) obsolescence
https://quizlet.com/1029677666/nj-tax-assessors-exam-terms-and-concepts-2025-update-comprehensive-questions-and-verified-answers-compl… 3/25
NJ Tax Assessors Exam - Terms and Concepts
2025 update| comprehensive questions and
verified answers (complete solutions) ASSURED
SUCCESS|GRADE A+!! (100% ACCURATE) GET IT
RIGHT!!
Save
Terms in this set (158)
What are the three basic Discovery, listing, and valuation
requirements of the
assessor?
To find effective tax rate Assessment level
multiply the tax rate by
____?
The six basic rights Sell, lease/rent, use, give away, enter or leave,
associated with property refusal to do any of the above
are ______?
What are the three major Real property, personal property, intangible
classifications of personal property
property?
List the appraisal Anticipation, balance, change, competition,
principles which form the conformity, consistent use, contribution, increasing
foundation for highest and decreasing returns, substitution, supply and
and best use analysis. demand, surplus productivity
What are the four forces Physical, economic, governmental, social
that influence value?
https://quizlet.com/1029677666/nj-tax-assessors-exam-terms-and-concepts-2025-update-comprehensive-questions-and-verified-answers-compl… 1/25
,4/10/25, 7:53 AM NJ Tax Assessors Exam - Terms and Concepts 2025 update| comprehensive questions and verified answers (complete solutio…
Highest and best use is Highest value
always the that use that
would produce the ______
____ of a property,
regardless of its actual
current use.
The four tests for highest Legally allowable, physically allowable, financially
and best use are _____ feasible, maximally productive
1. Definition of the problem,
2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
List the 7 major steps of 4. Data collection and analysis
the appraisal process. 5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to
derive final estimate of defined value
What are the three Cost, sales comparison, and income
approaches to value
used by appraisers to
estimate value?
The land identification Metes and bounds
system based on semi-
permanent physical
features or bearings on a
compass is known as ____
and ____.
Residential subdivisions Block and lot
are commonly described
by the ____ and ____ system
of land identification.
Name the 8 Frontage, width, depth, area, shape, topography,
characteristics that affect location, and off-site improvements
land value.
https://quizlet.com/1029677666/nj-tax-assessors-exam-terms-and-concepts-2025-update-comprehensive-questions-and-verified-answers-compl… 2/25
, 4/10/25, 7:53 AM NJ Tax Assessors Exam - Terms and Concepts 2025 update| comprehensive questions and verified answers (complete solutio…
This rule describes the percentage of the value of
each quarter of land based on its depth. The first
What is the 40-30-20-10 25% of the land amounts to 40% of the assessed
rule? value, the next 25% represents 30% of the value, the
next 25% represents 20%, and the final 25%
represents 10%.
Cost to produce an exact Reproduction cost new
replica of a structure
using the same materials,
construction standards,
and quality of
workmanship is known as
________ ____ ___
Cost to produce a Replacement cost new
structure with equivalent
utility using
contemporary materials
and standards is known
as _________ ____ ___
Cost of a property when Historical
it was originally
constructed is known as
__________ cost
The age of a property Effective age (EA)
based on condition and
utility is know as the ______
___.
Compare and contrast REL estimates the number of years remaining during
remaining economic life which improvements contribute to property. TEL is
(REL) and economic life the total number of years that improvements on
(TEL). land contribute to property value.
List the three types of Physical deterioration, functional obsolescence,
depreciation. external (economic) obsolescence
https://quizlet.com/1029677666/nj-tax-assessors-exam-terms-and-concepts-2025-update-comprehensive-questions-and-verified-answers-compl… 3/25
