IAAO 101,112,201,221,300 PACKAGE DEAL QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS UPDATED 2025

The surface of the earth and everything above it and beneath it is - ANSWER Land List five attributes of land: - ANSWER Permanent Unique in location and composition Finite supply Functional Stationary List four value characteristics of land: - ANSWER Demand Utility Scarcity Transferabil...

Maps are necessary to ______, _______, and _______ all land parcels in a jurisdiction. - ANSWER locate identify inventory The two types of photographic maps are: - ANSWER orthophotographic and oblique Assessment maps are also referred to as - ANSWER cadastral maps Most assessment maps con...

What is included in the definition of the highest and best use? - ANSWER Present net worth Reasonable probable use Financially feasible Highest and Best Use analysis is an __________ analysis to determine which market provides the property's best use--the most _________, __________ use. - AN...

Sorting data on sold parcels into groups containing similar characteristics is called: - ANSWER Stratification List the five units of comparison: - ANSWER front foot square foot acre site or land Buildable units The assessor first stratifies by market or economic area, and then by zoning o...

What is an alternative method of land valuation that uses elements of the cost approach in the analysis of an improved property? - ANSWER Abstraction Off-site improvements _______ one of the site factors to be analyzed in determining land value. - ANSWER are In the sales comparison approach to...

Mass appraisal is based on a different set of principles than single property appraisal. - ANSWER false List the four main components of a Mass Appraisal system: - ANSWER data management system sales analysis system valuation system administrative system Property data to be collected and ma...

Surface soil good for plant growth contains: - ANSWER 45 - 48% mineral matter Organic materials are _________ and _________ residue. - ANSWER plant and animal List the four physical properties of soil - ANSWER texture aggregation structure porosity Soil texture is a combination of: - ANS...

List the four tests that the appraiser must make in the analysis of the highest and best use. - ANSWER 1. Legally Permissible 2. Physically Possible 3. Financially Feasible 4. Most Productive _______ ________ is a parcel of land and any structures or improvements that are permanently affixed t...

Responsibilities of the Assessor - ANSWER List, Value and Discover Periodic on-site inspections - ANSWER One of the steps an assessor must take in the discovery of property ad valorem - ANSWER according to value Budget - ANSWER divided by the assessed value equals the tax rate. Effective...

The three components of a Property Tax System are the ___________, _________________, and ________________. - ANSWER Assessment Appeal Collection _________ systems update master files directly from computer work stations and edits are built into data entry software. - ANSWER On-line A _____...

Potential Gross Income - ANSWER Annual gross income Market rent - ANSWER The rental income a property would most probably command in the open market Balance - ANSWER The principle that real property value is created and sustained when contrasting, opposing, or interacting elements are in a sta...

Placism - ANSWER Making judgements about a place, person, or group based on location. Examples of Placism - ANSWER Assumption that New Englanders are brash. Assumption that Kentuckans are in-breds and of a lower intelligence. Hicks and city-slickers. Course Objectives - ANSWER Explain how ...

real property - ANSWER land and including things fixed to land. must be ripped up to be taken off the land personal property - ANSWER chattels - items of removable property that is in our own possession chose in action - ANSWER intangible property rights that can only be claimed, or enforceabl...