IAAO 101 2025/2026 EXAM
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ 100% PASS
The basic responsibilities of the assessor are to ___________________ all taxable property
Discover, List, and Value
One of the steps an assessor must take in the discovery of property is to
Conduct periodic on-site inspections of properties
The property tax is a/an _____________________ tax, meaning it is based on value.
Ad Valorem
If a tax rate is $13.30 per $100, the decimal equivalent would be
0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate the
property tax for the residence
$3,248.00
_______________________________ divided by the assessed value equals the tax rate.
Budget
,Assessment level times the tax rate equals the
Effective Tax Rate
____________________________________ is a the physical land and everything permanently
attached to it.
Real Estate
Which of the following is governmental restriction to the "bundle of rights"?
Emiment Domain
Which of the following is a basic right associated with the ownership of property?
To use, To lease or Rent, To enter or leave
In order for a property to have value, it must have utility, scarcity, desirability, and effective
purchasing power. The economic forces that determine scarcity are
supply and demand
______________________ is the point at which the forces of supply and demand meet ---the
point of balance.
Equilibrium
, A/an_________________________interest is ownership of all of the rights in a property, except
those reserved by the government, and with no private encumbrances.
Fee Simple
In the appraisal process, data collection requires the assessor to collect
General Data, Specific Data, Comparative Data
Which of the following is not one of the four great forces by which value is created, maintained,
modified or destroyed?
Conceptual
A_________________________________may be defined as an area of complementary land
uses in which all properties are similarly influenced by the four forces affecting value.
Neighborhood
What element of the marketplace is likely to contribute to a change in demand?
Consumer expectations (demand relates to consumer)
What element of the marketplace is likely to contribute to a change in supply?
Entrepreneur expectations (Entrepreneurs relates to supply)
A township in the Public Land Survey System contains _______________ sections, with each
section containing ______________ acres.
36-640
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ 100% PASS
The basic responsibilities of the assessor are to ___________________ all taxable property
Discover, List, and Value
One of the steps an assessor must take in the discovery of property is to
Conduct periodic on-site inspections of properties
The property tax is a/an _____________________ tax, meaning it is based on value.
Ad Valorem
If a tax rate is $13.30 per $100, the decimal equivalent would be
0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate the
property tax for the residence
$3,248.00
_______________________________ divided by the assessed value equals the tax rate.
Budget
,Assessment level times the tax rate equals the
Effective Tax Rate
____________________________________ is a the physical land and everything permanently
attached to it.
Real Estate
Which of the following is governmental restriction to the "bundle of rights"?
Emiment Domain
Which of the following is a basic right associated with the ownership of property?
To use, To lease or Rent, To enter or leave
In order for a property to have value, it must have utility, scarcity, desirability, and effective
purchasing power. The economic forces that determine scarcity are
supply and demand
______________________ is the point at which the forces of supply and demand meet ---the
point of balance.
Equilibrium
, A/an_________________________interest is ownership of all of the rights in a property, except
those reserved by the government, and with no private encumbrances.
Fee Simple
In the appraisal process, data collection requires the assessor to collect
General Data, Specific Data, Comparative Data
Which of the following is not one of the four great forces by which value is created, maintained,
modified or destroyed?
Conceptual
A_________________________________may be defined as an area of complementary land
uses in which all properties are similarly influenced by the four forces affecting value.
Neighborhood
What element of the marketplace is likely to contribute to a change in demand?
Consumer expectations (demand relates to consumer)
What element of the marketplace is likely to contribute to a change in supply?
Entrepreneur expectations (Entrepreneurs relates to supply)
A township in the Public Land Survey System contains _______________ sections, with each
section containing ______________ acres.
36-640
