IAAO 101 Exam Bundle (Graded A)

The basic responsibilities of the assessor are to _________ all taxable property. - Answer- A. List B. Value C. Discover D. All of the Above One of the steps an assessor must take in the discovery of property is to: - Answer- conduct periodic on-site inspections of properties The property...

ad valorem - Answer- According to Value The basic responsibilities of an Appraiser to all taxable property. - Answer- 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' - Answer- Situs The type of value usually estimated by an Appraiser ...

Indirect methods of measuring depreciation - Answer- -Sales comparison (Market Extraction) -Capitalization of income method Financing - Answer- The first adjustment in the sales comparison approach is Sales Comparison Approach - Answer- A fundamental strength in this approach is that it refle...

Tax Rate (def.) - Answer- Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) - Answer- Tax revenue (amount) / Assessed value Property Tax (formula) - Answer- Subject assessed value / Tax rate Budget Revenue (formula) - Answer- Total budget - Ot...

The basic responsibilities of the assessor are to ___________________ all taxable property - Answer- Discover, List, and Value One of the steps an assessor must take in the discovery of property is to - Answer- Conduct periodic on-site inspections of properties The property tax is a/an _______...

Tax Rate Formula - Answer- Budget/Assessed Value = Tax Rate ETR - Answer- Effective Tax Rate ETR Formula - Answer- ETR = Assessment Ratio x Tax Rate Real Property - Answer- Consists of the interest, benefits and rights inherent in the ownership of land and anything permanently attached to t...

Ad Valorem - Answer- According to value Property Tax is A. an ad valorem tax B. an ad hominem tax C. a federal tax D. a sales tax - Answer- A. an ad valorem tax Assessor Responsibilities - Answer- Discovery, Listing, and Valuation Situs - Answer- Taxable Location Appraisal - Answe...

4 factors affecting land values - Answer- Physical (Environmental), Economic, Governmental, Social The Principle of _____ states that returns to land are what remains after returns to labor, management, and capital are satisfied. - Answer- Surplus productivity The 6 methods of land valuation -...

Duties of the Assessor - Answer- Discover, List, Value USPAP - Answer- Uniform Standards of Professional Appraisal Practice Formula for a Tax Rate - Answer- Budget-Revenues from other sources/Total Assessed Value Budget - Answer- The numerator in developing a tax rate Total Assessed Valu...

Cadastral maps - Answer- Are also known as assessment maps, appraisal maps, ownership maps and tax maps Cadastral maps show - Answer- Boundaries of parcels, size and location of parcels relative to other properties, major physical features such as roads streams railroads, etc... Map scale - An...

Cadastral map - Answer- an accurate set of assessment maps . is the major tool for locating and identifying taxable property assessed value - Answer- property taxis based on taxable value How tax rates are expressed - Answer- $65.00/$1000 = .065 72 mills = .072 $8.00/$100= . 08 62.5 mills= ...

Cost Approach Formula - Answer- Market Value=Land Value + Improvement Value The Cost Approach is supported by what Principle? - Answer- Substitution-Informed buyers will not pay more to build a house if than the cost to acquire an equally desired one. The shape of building may affect building ...

Replacement cost new (RCN) - Answer- replacement cost is the current cost of producing a building or improvement with the same utility Quality survey method - Answer- this is the most comprehensive and accurate method of cost estimation, generalized by engineers. architect, contractors, cost esti...

Assessor - Answer- The government official responsible for administrating the property tax system and for Establishing value for ad valorem tax purposes Requirements of the assessor - Answer- Discovery , listing and valuation Discovery - Answer- Location of all taxable property Listing - An...