IAAO 500 - Review Questions
What are the five recognized appraisal designations offered by the IAAO that represent the highest level
of achievement in the field? - Answer-CAE
AAS
CMS
PPS
RES
Short of a general revaluation of all property,
__________________________________________________________ and
____________________________________________________ produce the single most impressive
dollar return for time and money committed. - Answer-systematic audit programs
energetic personal property discovery efforts
The theory that underlies taxation is that charges are imposed to support the government in exchange
for the ____________________ and _______________ afforded by the government to the citizens and
their property. - Answer-general advantages
protection
Under the ___________________________________________________-- the due process of law and
equal protection of the law clauses--states cannot assert jurisdiction over property or persons unless
there is some reasonable relationship between the tax imposed and the opportunity, benefits, and
protection conferred or afforded by the taxing state. - Answer-XIV Amendment to the United States
Constitution
, Property tax and income tax are examples of a ______________ tax. - Answer-direct
Sales tax and excise tax are examples of an ___________ tax. - Answer-internal
The oldest tax revenue sources, and the traditional fiscal bedrock of local and state government, were
the ______________ and _______________. - Answer-poll tax
property tax
The ____________________________________ guarantees the right of due process and forbids illegal
search and seizure. - Answer-Fifth Amendment of the Bill of Rights
List the basic sources of provisions of law affecting assessment practices of the federal government,
state governments and local government agencies. - Answer-Constitutional
Legislative
Executive
Judicial
What tax is bases on an assessed value? - Answer-Property Tax
A __________________ tax is a tax imposed so that the effective tax rate decreases as the amount to
which the rate is applied increases. - Answer-regressive
____________________ taxes attempt to reduce the tax incidence of people with smaller incomes, as
they shift the incidence disproportionately to those with higher incomes. - Answer-Progressive
Ad Valorem means : - Answer-according to value
What are the five recognized appraisal designations offered by the IAAO that represent the highest level
of achievement in the field? - Answer-CAE
AAS
CMS
PPS
RES
Short of a general revaluation of all property,
__________________________________________________________ and
____________________________________________________ produce the single most impressive
dollar return for time and money committed. - Answer-systematic audit programs
energetic personal property discovery efforts
The theory that underlies taxation is that charges are imposed to support the government in exchange
for the ____________________ and _______________ afforded by the government to the citizens and
their property. - Answer-general advantages
protection
Under the ___________________________________________________-- the due process of law and
equal protection of the law clauses--states cannot assert jurisdiction over property or persons unless
there is some reasonable relationship between the tax imposed and the opportunity, benefits, and
protection conferred or afforded by the taxing state. - Answer-XIV Amendment to the United States
Constitution
, Property tax and income tax are examples of a ______________ tax. - Answer-direct
Sales tax and excise tax are examples of an ___________ tax. - Answer-internal
The oldest tax revenue sources, and the traditional fiscal bedrock of local and state government, were
the ______________ and _______________. - Answer-poll tax
property tax
The ____________________________________ guarantees the right of due process and forbids illegal
search and seizure. - Answer-Fifth Amendment of the Bill of Rights
List the basic sources of provisions of law affecting assessment practices of the federal government,
state governments and local government agencies. - Answer-Constitutional
Legislative
Executive
Judicial
What tax is bases on an assessed value? - Answer-Property Tax
A __________________ tax is a tax imposed so that the effective tax rate decreases as the amount to
which the rate is applied increases. - Answer-regressive
____________________ taxes attempt to reduce the tax incidence of people with smaller incomes, as
they shift the incidence disproportionately to those with higher incomes. - Answer-Progressive
Ad Valorem means : - Answer-according to value
