IAAO 311 ACTUAL TEST QUESTIONS WITH
COMPLETE ANSWER KEY
●● The assessor is responsible for the _______, ________, and
__________ of all taxable property.
Answer: discovery
listing
valuation
●● The taxable location of personal property is referred to as its
__________.
Answer: situs
●● An estimate of value, usually in writing, of an adequately described
property, as of a given date, is termed ___ ___________.
Answer: an appraisal
●● A jurisdiction's tax rate is determined by dividing the _________ to
be derived from property tax by the total _________ ____________ of
the taxing jurisdiction.
Answer: budget
assessed valuation
,●● The type of value usually estimated by the assessor is __________
value.
Answer: market
●● The _________ ________ _________ reflects the ratio between the
current tax bill and the property value.
Answer: effective tax rate
●● In order for a property to have value, it must have ______, _______,
________ and __________ __________ _________.
Answer: utility
scarcity
desirability
effective purchasing power
●● The use that generates the highest net return to a property over a
reasonable time period is called ________ _______ _________
_________.
Answer: highest and best use
●● The principle of __________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly
complementary.
Answer: balance
, ●● Which appraisal principle affirms that land cannot be valued on the
basis of one use while improvements are valued on the basis of another?
Answer: Consistent use
●● List the four tests that the appraiser must make in the analysis of the
highest and best use.
Answer: Legally permissible
Physically possible
Financially feasible
Most productive
●● _______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto.
Answer: Real estate
●● Property is considered ________ if it can be moved without causing
any damage or change to either the item of property or the structure to
which it is attached.
Answer: personal
●● Assessment level times the tax rate equals the _________ ______
________.
Answer: effective tax rate
COMPLETE ANSWER KEY
●● The assessor is responsible for the _______, ________, and
__________ of all taxable property.
Answer: discovery
listing
valuation
●● The taxable location of personal property is referred to as its
__________.
Answer: situs
●● An estimate of value, usually in writing, of an adequately described
property, as of a given date, is termed ___ ___________.
Answer: an appraisal
●● A jurisdiction's tax rate is determined by dividing the _________ to
be derived from property tax by the total _________ ____________ of
the taxing jurisdiction.
Answer: budget
assessed valuation
,●● The type of value usually estimated by the assessor is __________
value.
Answer: market
●● The _________ ________ _________ reflects the ratio between the
current tax bill and the property value.
Answer: effective tax rate
●● In order for a property to have value, it must have ______, _______,
________ and __________ __________ _________.
Answer: utility
scarcity
desirability
effective purchasing power
●● The use that generates the highest net return to a property over a
reasonable time period is called ________ _______ _________
_________.
Answer: highest and best use
●● The principle of __________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly
complementary.
Answer: balance
, ●● Which appraisal principle affirms that land cannot be valued on the
basis of one use while improvements are valued on the basis of another?
Answer: Consistent use
●● List the four tests that the appraiser must make in the analysis of the
highest and best use.
Answer: Legally permissible
Physically possible
Financially feasible
Most productive
●● _______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto.
Answer: Real estate
●● Property is considered ________ if it can be moved without causing
any damage or change to either the item of property or the structure to
which it is attached.
Answer: personal
●● Assessment level times the tax rate equals the _________ ______
________.
Answer: effective tax rate
