IAAO 101 - Review
Questions
2026
Master Exam Prep Bundle
(Verified Questions & Answers)
A+ Grade Guaranteed
, The property tax is an ____ __________ tax, meaning it is ad valorem
based on value.
The assessor is responsible for the _______, ________, discovery
and __________ of all taxable property. listing
valuation
The taxable location of personal property is referred to as situs
its __________.
An estimate of value, usually in writing, of an adequately an appraisal
described property, as of a given date, is termed ___
___________.
A jurisdiction's tax rate is determined by dividing the budget
_________ to be derived from property tax by the total assessed valuation
_________ ____________ of the taxing jurisdiction.
The type of value usually estimated by the assessor is market
__________ value.
The _________ ________ _________ reflects the ratio effective tax rate
between the current tax bill and the property value.
In order for a property to have value, it must have ______, utility
_______, ________ and __________ __________ scarcity
_________. desirability
effective purchasing power
The use that generates the highest net return to a property highest and best use
over a reasonable time period is called ________ _______
_________ _________.
The principle of __________ states that maximum value of balance
a neighborhood is attained when the uses of land are
perfectly complementary.
Which appraisal principle affirms that land cannot be Consistent use
valued on the basis of one use while improvements are
valued on the basis of another?
List the four tests that the appraiser must make in the Legally permissible
analysis of the highest and best use. Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures Real estate
or improvements that are permanently affixed thereto.
Property is considered ________ if it can be moved personal
without causing any damage or change to either the item
of property or the structure to which it is attached.
Assessment level times the tax rate equals the _________ effective tax rate
______ ________.
2026
Questions
2026
Master Exam Prep Bundle
(Verified Questions & Answers)
A+ Grade Guaranteed
, The property tax is an ____ __________ tax, meaning it is ad valorem
based on value.
The assessor is responsible for the _______, ________, discovery
and __________ of all taxable property. listing
valuation
The taxable location of personal property is referred to as situs
its __________.
An estimate of value, usually in writing, of an adequately an appraisal
described property, as of a given date, is termed ___
___________.
A jurisdiction's tax rate is determined by dividing the budget
_________ to be derived from property tax by the total assessed valuation
_________ ____________ of the taxing jurisdiction.
The type of value usually estimated by the assessor is market
__________ value.
The _________ ________ _________ reflects the ratio effective tax rate
between the current tax bill and the property value.
In order for a property to have value, it must have ______, utility
_______, ________ and __________ __________ scarcity
_________. desirability
effective purchasing power
The use that generates the highest net return to a property highest and best use
over a reasonable time period is called ________ _______
_________ _________.
The principle of __________ states that maximum value of balance
a neighborhood is attained when the uses of land are
perfectly complementary.
Which appraisal principle affirms that land cannot be Consistent use
valued on the basis of one use while improvements are
valued on the basis of another?
List the four tests that the appraiser must make in the Legally permissible
analysis of the highest and best use. Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures Real estate
or improvements that are permanently affixed thereto.
Property is considered ________ if it can be moved personal
without causing any damage or change to either the item
of property or the structure to which it is attached.
Assessment level times the tax rate equals the _________ effective tax rate
______ ________.
2026
