IAAO Course Review Questions with Verified Answers

IAAO Course 300 (2022/2023) Already Passed Mass appraisal Systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing. Purpose of mass appraisal Equitable and efficient appraisal of all property in a jurisdiction for ad valorem tax pu...

IAAO Course 300 Questions and Answers 100% Verified Scope of Work Rule 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 When it meets or exce...

IAAO 101 - Review Questions with Certified Solutions The property tax is an ____ __________ tax, meaning it is based on value. ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. discovery listing valuation The taxable location of person...

IAAO 101 Questions and Answers 100% Pass ad valorem According to Value The basic responsibilities of an Appraiser to all taxable property. 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' Situs The type of value usually estimated by an Ap...

IAAO 102 Questions and Answers Already Graded A Anticipation Value is created by the expectation of benefits to be derived in the future Substitution 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 subst...

IAAO 101 Questions and Answers 100% Pass ad valorem According to Value The basic responsibilities of an Appraiser to all taxable property. 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' Situs The type of value usually estimated by an Ap...

IAAO 101 Questions and Answers with Verified Solutions The basic responsibilities of the assessor are to ___________________ all taxable property Discover, List, and Value One of the steps an assessor must take in the discovery of property is to Conduct periodic onsite inspections of properti...

IAAO 300: Complete Course Review Questions and Answers 100% Pass What is the main difference between single property appraisal and mass appraisal? 1. Group vs Particular 2. Mass Appraisal emphasizes standardized and statistical quality control features In the Appraisal Process, "Define the val...

IAAO 201 Questions and Answers with Verified Solutions Land An immovable and indestructible three-dimensional area consisting of a portion of the earth's surface, the space above and below the surface, and everything growing on or permanently affixed to it. Five Attributes of Land "PUFFS"...

IAAO 311 Review Questions and Answers 100% Pass What is a requirement of both single-property and mass appraisal? Uses three basic approaches to value What is the first step in the mass appraisal process? definition of the problem List the three types of data that must be collected in analyzi...

IAAO 400 Questions and Answers with Verified Solutions Monitoring activities (Quality assurance) 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 re...

IAAO 400 - Review Questions with Certified Solutions A property assessment system organizes resources to carry out the primary assessment responsibilities of _______, _________, and __________ properties, in accordance with property tax laws and regulations. discovery listing valuing Stand...

IAAO 500 - Review Questions and Answers 100% Pass What are the five recognized appraisal designations offered by the IAAO that represent the highest level of achievement in the field? CAE AAS CMS PPS RES Short of a general revaluation of all property, ____________________________________...

IAAO Course 101 Review Questions with Verified Answers Tax Rate (def.) Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) Tax revenue (amount) / Assessed value Property Tax (formula) Subject assessed value / Tax rate Budget Revenue (formula) Total...