IAAO COURSE 101 (QUIZ #1 - MULTIPLE CHOICE)
The basic responsibilities of the assessor are to ___ all taxable property. - Answers- a.
list
b. value
c. discover
d. all of the above (ANSWER)
One of the steps an assessor must take in the discovery of property is to - Answers- c.
conduct periodic on-site inspections of properties
The property tax is a/an ___ tax, meaning it is based on value - Answers- a. ad-valorem
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate
the property tax for the residence - Answers- b. $3,248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - Answers- a. 0.1330
Which of the following is a basic right associated with the ownership of property -
Answers- a. to use
b. to lease or rent
c. to enter or leave
d. all of the above (ANSWER)
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. The economic forces that determine scarcity are - Answers-
a. supply and demand
___ is the point at which the forces of supply and demand meet - the point of balance -
Answers- c. equilibrium
A ___ interest is ownership of all the rights in a property, except those reserved by the
government, and with no private encumbrances - Answers- d. fee simple
In the appraisal process, data collection requires the assessor to collect - Answers- a.
general data
b. specific data
c. comparative data
d. all of the above (ANSWER)
Which of the following is not one of the four great forces by which value is created,
modified, or destroyed? - Answers- b. conceptual
The basic responsibilities of the assessor are to ___ all taxable property. - Answers- a.
list
b. value
c. discover
d. all of the above (ANSWER)
One of the steps an assessor must take in the discovery of property is to - Answers- c.
conduct periodic on-site inspections of properties
The property tax is a/an ___ tax, meaning it is based on value - Answers- a. ad-valorem
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate
the property tax for the residence - Answers- b. $3,248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - Answers- a. 0.1330
Which of the following is a basic right associated with the ownership of property -
Answers- a. to use
b. to lease or rent
c. to enter or leave
d. all of the above (ANSWER)
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. The economic forces that determine scarcity are - Answers-
a. supply and demand
___ is the point at which the forces of supply and demand meet - the point of balance -
Answers- c. equilibrium
A ___ interest is ownership of all the rights in a property, except those reserved by the
government, and with no private encumbrances - Answers- d. fee simple
In the appraisal process, data collection requires the assessor to collect - Answers- a.
general data
b. specific data
c. comparative data
d. all of the above (ANSWER)
Which of the following is not one of the four great forces by which value is created,
modified, or destroyed? - Answers- b. conceptual
