©THEBRIGHT EXAM SOLUTIONS
11/06/2024 7:22 PM
Iaao 101 Exam Questions With Verified
Answers.
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 is the - answer✔Market Value
The effective tax rate reflects the ratio between what - answer✔The current tax bill and the property
value
Assessment level times the tax rate equals - answer✔The effective tax rate
_________ divided by the assessed value equals the tax rate. - answer✔Budget
_________ is the physical land and everything permanently attached to it. - answer✔Real Estate
Property tax is an _________. - answer✔ad valorem tax
How do you calculate the Assessment Ratio of a property? - answer✔Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - answer✔Budgeted Revenue (Minus any other revenue
sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - answer✔Tax rate X Assessed value of Property
Fractional Assessment - answer✔An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - answer✔SLUGER
1. Sell
, ©THEBRIGHT EXAM SOLUTIONS
11/06/2024 7:22 PM
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: - 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 -
answer✔Personal Property
The four Governmental restrictions on property ownership: - answer✔TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - answer✔1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - answer✔Is the value of a property for a specific use
11/06/2024 7:22 PM
Iaao 101 Exam Questions With Verified
Answers.
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 is the - answer✔Market Value
The effective tax rate reflects the ratio between what - answer✔The current tax bill and the property
value
Assessment level times the tax rate equals - answer✔The effective tax rate
_________ divided by the assessed value equals the tax rate. - answer✔Budget
_________ is the physical land and everything permanently attached to it. - answer✔Real Estate
Property tax is an _________. - answer✔ad valorem tax
How do you calculate the Assessment Ratio of a property? - answer✔Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - answer✔Budgeted Revenue (Minus any other revenue
sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - answer✔Tax rate X Assessed value of Property
Fractional Assessment - answer✔An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - answer✔SLUGER
1. Sell
, ©THEBRIGHT EXAM SOLUTIONS
11/06/2024 7:22 PM
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: - 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 -
answer✔Personal Property
The four Governmental restrictions on property ownership: - answer✔TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - answer✔1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - answer✔Is the value of a property for a specific use
