Effective rental correct answers Refers to the Gross rental expectancy less vacancy allowance,
Effective rent is defined as the remaining cash the landlord receives after paying all expenses for
operating the property
The amount of rental income expected to be collected over economic rental is designated as
correct answers Excess rental
Office building operational costs are USUALLY expressed in terms of cost per ____ foot correct
answers NET RENTABLE SQUARE
the LARGEST single item of OPERATING EXPENSE in a modern office building is, generally,
correct answers CONTRACTUAL CLEANING
The present worth of a net income stream for a period of 15 years deferred 5 years is the net
income multiplied by the _______ factor correct answers D) 20 year factor less the 5 year
The following formula can be used to develop overall capitalization rate: R= Y-MC +
depreciation X sinking fund factor
In this formula, the symbol M stands for correct answers C) Mortgage ratio
The leased fee position is valued by correct answers B) Discounting the contract rental stream
and adding the present worth of reversion
A title of the administrative code imposes a tax on each deed at the time of delivery of the deed
from the grantor of the grantee when the consideration exceeds $250,000. The LEAST valid of
the following statements regarding the payment of the transfer tax is that...... correct answers
LEAST valid of transfer tax is:
A RETURN MUST BE FILED BY EITHER BY the grantor or grantee
Real property owned by senior citizens may be eligible for partial exemption from real estate
taxation pursuant to the state real property tax law and the city charter. The one of the following
situations which will preclude the granting of the exemption is that the correct answers C)
Property consists of an owner-occupied legal residence above a grocery store
Pursuant to a section of the real property tax law, NEW CONSTRUCTION deemed eligible for
tax exemption benefits by the city during construction, followed by ____ of the full assessed
valuation. correct answers FULLY. 2 years EXEMPT at 100% and then 2 years of exemption at
80%
An honorably discharged Army Chaplain who is currently ministering to a congregation has
applied for a clergyman's exemption and a veteran's exemption on his home. According to the
state tax law, this chaplain... correct answers B) May be able to get both exemptions but the total
exemption is limited to $60,000
, 35) TEST 1
The one of the following statements that is VALID with respect to the tax commission is that
correct answers C) members of the tax commission have the right of entry upon real property at
all reasonable times to ascertain the character of the property
36) After a certiorari (a writ or order by which a higher court reviews a decision of a lower
court.) report has been prepared by an assessor and submitted to the certiorari bureau, he learns
that the property has been refinanced. The one of the following which is the PROPER course of
action for an assessor to take in this situation is to correct answers C) Notify the assessor in
charge of the county in which the property the property is located.
37) In order to equalize the tax roll, the finance administrator decides to decrease the assessed
value of a parcel of real estate on march 1. The owner has never filed for correction of the
valuation. The finance administrator. correct answers May make the change on the assessment
rolls immediately without notice to the owner
38) An assessor is required to enter certain relevant appraisal data in his field book. Of the
following types of data, the one which he is NOT required to enter in the field book is..... correct
answers INFORMATION contained in the city planning commission calendars
39) The one of the following statements that is LEAST valid with regard to property exempted
from real property taxes is that correct answers A) assessors, upon finding a change in either
ownership or use for which the exemption was granted, may restore the property to the
assessable tax rolls.
40) The landlord's INFORMATION RETURN, filed with the finance administration, is a(n)
correct answers B) Valuable source for rental data for commercial properties
Principle of substitution correct answers An appraisal principle that holds that the maximum
value of a property tends to be set by the cost of acquiring an equally desirable and valuable
substitute property, assuming no costly delay is encountered in making the substitution
Principle of anticipation correct answers
sales assessment ratios compiled from a statistical analysis of sales data, are LEAST likely to
reveal the validity of the correct answers C) Sales Data itself to sale/ purchase motivations
9) test 1
The PURPOSE of an appraisal should be included as a section in the final report CHIEFLY to
correct answers D) Set forth the reason for making the appraisal
The INCOME capitalization evaluation approach is MOST valid when applied to a correct
answers A) TAXPAYER
The INCOME capitalization evaluation approach correct answers