IAAO 101 – Quizzes 100% Complete

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 tax is a/an _________________ tax, meaning it is based on value. - ANSWER-ad valorem Assume the following characteristics for a single-family residence: Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the property tax for the residence. - ANSWER-$3248.00 If a tax rate is $13.30 per 100, the decimal equivalent would be - ANSWER-0.1330 ______________ divided by the assessed value equals the tax rate. - ANSWER-Budget Assessment level times the tax rate equals the_____________________. - ANSWER-effective tax rate Given the following, compute a tax rate using dollars per hundred: Budget: $6,000,000 Market Value: $800,000,000 Assessment Level: 50% Non-property tax revenu: $1,000.000 - ANSWER-$1.25 ____________ is the physical land and everything permanently attached to it. - ANSWER-real estate Which of the following is a governmental restriction to the "bundle of rights"? - ANSWER-eminent domain Which of the following is a basic right associated with the ownership of property? - ANSWER-A. to use B. to lease or rent C. to enter or leave D. All of the above 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_________________. - ANSWER-supply and demand ___________ is the point at which the forces of supply and demand meet----the point of balance. - ANSWER-equilibrium A/an ___________ interest is ownership of all the rights in a property, except those reserved by the government, and with no private encumbrances. - ANSWER-fee simple In the appraisal process, data collection requires the assessor to collect - ANSWER-A. general data B. specific data C. comparative data D. All of the above Which of the following is not one of the four great forces by which value is created, maintained, modified or destroyed? - ANSWER-conceptual A ______________ may be defined as an area of complementary land uses in which all properties are similarly influenced by the four forces affecting value. - ANSWER-neighborhood What element of the marketplace is likely to contribute to a change in demand? - ANSWER-consumer expectations What element of the marketplace is likely to contribute to a change in supply? - ANSWER-entrepreneur expectations A township in the Public Land Survey System contains _____ sections, with each section containing _____ acres. - ANSWER-36 640 The NE1/4NW1/4SE1/4SW1/4 contains _______ acres. - ANSWER-2.5 A land description system in which boundaries are described as distances between two semipermanent points or as lines following compass bearings is known as ____________________________. - ANSWER-metes and bounds descriptions The principle that states that market value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property is______________. - ANSWER-substitution A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier must be - ANSWER-A. unique B. permanent C. simple D. All of the above Stratification is the first step in analyzing land sale, and the primary sort is by _______________. - ANSWER-market area The principle illustrating that market value is determined by such factors as zoning, rent controls, interest rates, and so on is - ANSWER-change The appropriate map scale for urban area is: - ANSWER-1" - 100' A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre? - ANSWER-$600,000 The ________ unit would be appropriate unit when pedestrian access is an important consideration. - ANSWER-front foot When adjustments are being made to comparable sales, using percentage adjustments in the direct sales comparison approach, the sequence of adjustments the appraiser must follow is - ANSWER-financing, market conditions, location, physical characteristics