NJ TAX ASSESSORS EXAM - TERMS AND CONCEPTS EXAM
QUESTIONS WITH 100% CORRECT ANSWERS \ LATEST
UPDATE .
What are the three basic requirements of the assessor? - correct Answers -Discovery, listing, and
valuation
To find effective tax rate multiply the tax rate by ____? - correct Answers -Assessment level
The six basic rights associated with property are ______? - correct Answers -Sell, lease/rent, use,
give away, enter or leave, refusal to do any of the above
What are the three major classifications of property? - correct Answers -Real property, personal
property, intangible personal property
List the appraisal principles which form the foundation for highest and best use analysis. -
correct Answers -Anticipation, balance, change, competition, conformity, consistent use,
contribution, increasing and decreasing returns, substitution, supply and demand, surplus
productivity
What are the four forces that influence value? - correct Answers -Physical, economic,
governmental, social
Highest and best use is always the that use that would produce the ______ ____ of a property,
regardless of its actual current use. - correct Answers -Highest value
The four tests for highest and best use are _____ - correct Answers -Legally allowable,
physically allowable, financially feasible, maximally productive
List the 7 major steps of the appraisal process. - correct Answers -1. Definition of the problem,
,2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
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 approaches to value used by appraisers to estimate value? - correct Answers -
Cost, sales comparison, and income
The land identification system based on semi-permanent physical features or bearings on a
compass is known as ____ and ____. - correct Answers -Metes and bounds
Residential subdivisions are commonly described by the ____ and ____ system of land
identification. - correct Answers -Block and lot
Name the 8 characteristics that affect land value. - correct Answers -Frontage, width, depth, area,
shape, topography, location, and off-site improvements
What is the 40-30-20-10 rule? - correct Answers -This rule describes the percentage of the value
of each quarter of land based on its depth. The first 25% of the land amounts to 40% of the
assessed 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 replica of a structure using the same materials, construction standards,
and quality of workmanship is known as ________ ____ ___ - correct Answers -Reproduction
cost new
Cost to produce a structure with equivalent utility using contemporary materials and standards is
known as _________ ____ ___ - correct Answers -Replacement cost new
, Cost of a property when it was originally constructed is known as __________ cost - correct
Answers -Historical
The age of a property based on condition and utility is know as the ______ ___. - correct
Answers -Effective age (EA)
Compare and contrast remaining economic life (REL) and economic life (TEL). - correct
Answers -REL estimates the number of years remaining during which improvements contribute
to property. TEL is the total number of years that improvements on land contribute to property
value.
List the three types of depreciation. - correct Answers -Physical deterioration, functional
obsolescence, external (economic) obsolescence
A ______ roof is a one which has a steeper lower part and a shallower upper part. - correct
Answers -Mansard
A _____ is a triangular portion of a wall between the edges of a dual-pitched roof - correct
Answers -Gable
A ______ is a usually symmetrical two-sided roof with two slopes on each side. The upper slope
is positioned at a shallow angle, while the lower slope is steep. - correct Answers -Gambrel
A ____ roof is flat. - correct Answers -Flat, buddy!
This kind of house is described as long, close-to-the-ground profile, long, low roofline; typically
one-story. - correct Answers -Ranch-style house
Also known as a split-level house, in this style of house the floor levels are staggered so that
front entry is partway between the upper and lower floors. - correct Answers -Bi-level house
QUESTIONS WITH 100% CORRECT ANSWERS \ LATEST
UPDATE .
What are the three basic requirements of the assessor? - correct Answers -Discovery, listing, and
valuation
To find effective tax rate multiply the tax rate by ____? - correct Answers -Assessment level
The six basic rights associated with property are ______? - correct Answers -Sell, lease/rent, use,
give away, enter or leave, refusal to do any of the above
What are the three major classifications of property? - correct Answers -Real property, personal
property, intangible personal property
List the appraisal principles which form the foundation for highest and best use analysis. -
correct Answers -Anticipation, balance, change, competition, conformity, consistent use,
contribution, increasing and decreasing returns, substitution, supply and demand, surplus
productivity
What are the four forces that influence value? - correct Answers -Physical, economic,
governmental, social
Highest and best use is always the that use that would produce the ______ ____ of a property,
regardless of its actual current use. - correct Answers -Highest value
The four tests for highest and best use are _____ - correct Answers -Legally allowable,
physically allowable, financially feasible, maximally productive
List the 7 major steps of the appraisal process. - correct Answers -1. Definition of the problem,
,2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
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 approaches to value used by appraisers to estimate value? - correct Answers -
Cost, sales comparison, and income
The land identification system based on semi-permanent physical features or bearings on a
compass is known as ____ and ____. - correct Answers -Metes and bounds
Residential subdivisions are commonly described by the ____ and ____ system of land
identification. - correct Answers -Block and lot
Name the 8 characteristics that affect land value. - correct Answers -Frontage, width, depth, area,
shape, topography, location, and off-site improvements
What is the 40-30-20-10 rule? - correct Answers -This rule describes the percentage of the value
of each quarter of land based on its depth. The first 25% of the land amounts to 40% of the
assessed 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 replica of a structure using the same materials, construction standards,
and quality of workmanship is known as ________ ____ ___ - correct Answers -Reproduction
cost new
Cost to produce a structure with equivalent utility using contemporary materials and standards is
known as _________ ____ ___ - correct Answers -Replacement cost new
, Cost of a property when it was originally constructed is known as __________ cost - correct
Answers -Historical
The age of a property based on condition and utility is know as the ______ ___. - correct
Answers -Effective age (EA)
Compare and contrast remaining economic life (REL) and economic life (TEL). - correct
Answers -REL estimates the number of years remaining during which improvements contribute
to property. TEL is the total number of years that improvements on land contribute to property
value.
List the three types of depreciation. - correct Answers -Physical deterioration, functional
obsolescence, external (economic) obsolescence
A ______ roof is a one which has a steeper lower part and a shallower upper part. - correct
Answers -Mansard
A _____ is a triangular portion of a wall between the edges of a dual-pitched roof - correct
Answers -Gable
A ______ is a usually symmetrical two-sided roof with two slopes on each side. The upper slope
is positioned at a shallow angle, while the lower slope is steep. - correct Answers -Gambrel
A ____ roof is flat. - correct Answers -Flat, buddy!
This kind of house is described as long, close-to-the-ground profile, long, low roofline; typically
one-story. - correct Answers -Ranch-style house
Also known as a split-level house, in this style of house the floor levels are staggered so that
front entry is partway between the upper and lower floors. - correct Answers -Bi-level house
