IAAO Study guides, Class notes & Summaries

Potential Gross Income - ️️Annual gross income Market rent - ️️The rental income a property would most probably command in the open market Balance - ️️The principle that real property value is created and sustained when contrasting, opposing, or interacting elements are in a state of equilibrium. (Value is maximized when the 4 agents of production are in their proper allocation.) Conformity - ️️States that overall,the prices of an area will be maximized if structures are...

What is a requirement of both single-property and mass appraisal? - ️️Uses three basic approaches to value What is the first step in the mass appraisal process? - ️️definition of the problem List the three types of data that must be collected in analyzing the market. - ️️General data Specific data Comparative data Identifying supply and demand factors that best explain values in a specific market, and expressing them in an equation is called _______________________________...

Discover List Value taxable property - ️️Basic appraiser responsibilities Standard 6: Scope of Work - ️️USPAP standard for appraisal practice ad valorem tax - ️️Property tax based on value Tax Rate (formula) - ️️Budget (minus other revenue) / Assessed Value of Jurisdiction Tax Bill (formula) - ️️Tax Rate x Ind. Property Assessed Value Assessed Value (AV) formula - ️️Assessment Ratio (AR) x Market Value (MV) Property Tax Revenue (formula) - ️️Budget...

A property assessment system organizes resources to carry out the primary assessment responsibilities of _______, _________, and __________ properties, in accordance with property tax laws and regulations. - ️️discovery listing valuing Standards of practice are necessary to ensure: - ️️Appraisal accuracy Work is finished on time Staff and resources are used wisely All of the above Ratio studies are often used for oversight purposes. However, they can also be used for interna...

Scope of Work Rule - ️️1. Identify the problem to be solved 2. Determine and perform the scope of work necessary to develop credible assignment results 3. Disclose the scope of work in the report Scope of work acceptability - ️️When it meets or exceeds: 1. Expectations of parties who are regularly intended users for similar assignments and 2. What an Appraiser's peers actions would be in performing the same or similar assignments Economic Basis of Model Building - ️️Supply...

IAAO 500 Exam Review Questions With 100% Correct Answers 2023

IAAO COURSE 300 QUESTION AND ANSWER

IAAO Course 300Exam Questions & Complete Solutions(A+ GRADED 100% VERIFIED)

Anticipation correct answers Value is created by the expectation of benefits to be derived in the future. Leverage correct answers The borrowing of funds in hopes of earning a greater return than the cost of the borrowed funds. Chattel mortgage correct answers A mortgage only on persona property Yo correct answers Also known as the discount rate, reflects the return on investment. Safe rate correct answers Base rate on the safest investments such as government insured investments (Yo...