IAAO Exam Package Deal Full Solutions Pack

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 - Other ...

Ownership of a property is the right to - ANSWER-Sell Lease or rent Use Give away Enter or leave Refuse to do any of the above Factors that influence DEMAND - ANSWER-Consumers taste and preference Consumer income Price of related commodities Consumer expectations The price of the commodi...

The property tax is an ____ __________ tax, meaning it is based on value. - ANSWER-ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. - ANSWER-discovery listing valuation The taxable location of personal property is referred to as its __...

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 t...

Monitoring activities (Quality assurance) - ANSWER-1. Reviews of progress and performance contribute to effective and efficient operations 2. Procedures in place for monitoring the quality of assessment, editing data, reviewing appraisals, and reporting time and productivity Management from the ...

Which of the following is an attribute of an effective assessment system? - ANSWER-An appropriate legal framework. A competent staff and an effective training program. Complete maps and property data All of the above The ______________________ principle states that authority and responsibili...

Scope of Work Rule - ANSWER-1. Identify the problem to be solved 2. Determine and perform the scope of work necessary to develop credible assignment results 3. Disclose the scope of work in the report Scope of work acceptability - ANSWER-When it meets or exceeds: 1. Expectations of parties wh...

Anticipation - ANSWER-Value is created by the expectation of benefits to be derived in the future Substitution - ANSWER-the prices, rents, and rates of return of property tend to be set by the current prices, rents and rates of return for equally desire able substitute properties. Contribution...

Anticipation - ANSWER-Value is created by the expectation of benefits to be derived in the future. Leverage - ANSWER-The borrowing of funds in hopes of earning a greater return than the cost of the borrowed funds. Chattel mortgage - ANSWER-A mortgage only on persona property Yo - ANSWER-Als...