IAAO 101 EXAM 2024-2026 NEWST VERSION QUESTIONS WITH CORRECT
ANSWERS100% CORRECT
The type of value usually estimated by an Appraiser is the - CORRECT
ANSWER✔✔Market Value
The effective tax rate reflects the ratio between what - CORRECT
ANSWER✔✔The current tax bill and the property value
Assessment level times the tax rate equals - CORRECT ANSWER✔✔The
effective tax rate
_________ divided by the assessed value equals the tax rate. - CORRECT
ANSWER✔✔Budget
_________ is the physical land and everything permanently attached to it. -
CORRECT ANSWER✔✔Real Estate
Property tax is an _________. - CORRECT ANSWER✔✔ad valorem tax
How do you calculate the Assessment Ratio of a property? - CORRECT
ANSWER✔✔Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - CORRECT ANSWER✔✔
Budgeted Revenue (Minus any other revenue sources) ÷ Total Assessed
Value of all property
How do you calculate the Property Tax bill? - CORRECT ANSWER✔✔Tax
rate X Assessed value of Property
Fractional Assessment - CORRECT ANSWER✔✔An assessed value not
statutorily at 100% of market value
The six basic rights associated with property are: - CORRECT ANSWER✔
✔SLUGER
1. Sell
, 2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - CORRECT
ANSWER✔✔PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of
the real estate - CORRECT ANSWER✔✔Personal Property
The four Governmental restrictions on property ownership: - CORRECT
ANSWER✔✔TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - CORRECT ANSWER✔✔1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - CORRECT ANSWER✔✔Is the value of a property for a
specific use
Value in exchange - CORRECT ANSWER✔✔Is the amount an informed
buyer would offer in exchange for a property under given market conditions
ANSWERS100% CORRECT
The type of value usually estimated by an Appraiser is the - CORRECT
ANSWER✔✔Market Value
The effective tax rate reflects the ratio between what - CORRECT
ANSWER✔✔The current tax bill and the property value
Assessment level times the tax rate equals - CORRECT ANSWER✔✔The
effective tax rate
_________ divided by the assessed value equals the tax rate. - CORRECT
ANSWER✔✔Budget
_________ is the physical land and everything permanently attached to it. -
CORRECT ANSWER✔✔Real Estate
Property tax is an _________. - CORRECT ANSWER✔✔ad valorem tax
How do you calculate the Assessment Ratio of a property? - CORRECT
ANSWER✔✔Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - CORRECT ANSWER✔✔
Budgeted Revenue (Minus any other revenue sources) ÷ Total Assessed
Value of all property
How do you calculate the Property Tax bill? - CORRECT ANSWER✔✔Tax
rate X Assessed value of Property
Fractional Assessment - CORRECT ANSWER✔✔An assessed value not
statutorily at 100% of market value
The six basic rights associated with property are: - CORRECT ANSWER✔
✔SLUGER
1. Sell
, 2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - CORRECT
ANSWER✔✔PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of
the real estate - CORRECT ANSWER✔✔Personal Property
The four Governmental restrictions on property ownership: - CORRECT
ANSWER✔✔TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - CORRECT ANSWER✔✔1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - CORRECT ANSWER✔✔Is the value of a property for a
specific use
Value in exchange - CORRECT ANSWER✔✔Is the amount an informed
buyer would offer in exchange for a property under given market conditions
