IAAO 101 – Questions & Solutions (Guaranteed Pass!)
Ad valorem Correct Ans - According to Value
The basic responsibilities of an Appraiser to all taxable property.
Correct Ans - 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' Correct
Ans - Situs
The type of value usually estimated by an Appraiser is the Correct Ans
- Market Value
The effective tax rate reflects the ratio between what Correct Ans -
The current tax bill and the property value
Assessment level times the tax rate equals Correct Ans - The
effective tax rate
_________ divided by the assessed value equals the tax rate. Correct Ans
- Budget
_________ is the physical land and everything permanently attached to it.
Correct Ans - Real Estate
Property tax is an _________. Correct Ans - ad valorem tax
How do you calculate the Assessment Ratio of a property? Correct Ans
- Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? Correct Ans - Budgeted
Revenue (Minus any other revenue sources) ÷ Total Assessed Value of all
property
How do you calculate the Property Tax bill? Correct Ans - Tax rate X
Assessed value of Property
, Fractional Assessment Correct Ans - An assessed value not
statutorily at 100% of market value
The six basic rights associated with property are: Correct Ans -
SLUGER
1. Sell
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: Correct Ans -
PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the
real estate Correct Ans - Personal Property
The four Governmental restrictions on property ownership: Correct
Ans - TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: Correct Ans - 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Ad valorem Correct Ans - According to Value
The basic responsibilities of an Appraiser to all taxable property.
Correct Ans - 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' Correct
Ans - Situs
The type of value usually estimated by an Appraiser is the Correct Ans
- Market Value
The effective tax rate reflects the ratio between what Correct Ans -
The current tax bill and the property value
Assessment level times the tax rate equals Correct Ans - The
effective tax rate
_________ divided by the assessed value equals the tax rate. Correct Ans
- Budget
_________ is the physical land and everything permanently attached to it.
Correct Ans - Real Estate
Property tax is an _________. Correct Ans - ad valorem tax
How do you calculate the Assessment Ratio of a property? Correct Ans
- Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? Correct Ans - Budgeted
Revenue (Minus any other revenue sources) ÷ Total Assessed Value of all
property
How do you calculate the Property Tax bill? Correct Ans - Tax rate X
Assessed value of Property
, Fractional Assessment Correct Ans - An assessed value not
statutorily at 100% of market value
The six basic rights associated with property are: Correct Ans -
SLUGER
1. Sell
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: Correct Ans -
PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the
real estate Correct Ans - Personal Property
The four Governmental restrictions on property ownership: Correct
Ans - TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: Correct Ans - 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
