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IAAO 101 Practice Tests – Questions & Answers
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IAAO 101 Practice Tests – Questions & Answers
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IAAO 101 Practice Tests – Questions & AnswersList the four tests that the appraiser must make in the analysis of the
highest and best use. Correct Ans - 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 thereto. Correct Ans - Real Estate
Property is considered ________ if it can be moved without causing any
damage or change to either the item of property or the structure to which it
is attached. Correct Ans - Personal
Assessment level times the tax rate equals the ________ ______ ______.
Correct Ans - Effective Tax Rate
The property tax is a/an ____ _______ tax, meaning it is based on the value.
Correct Ans - Ad Volorem
The assessor is responsible for the _______, ________, and __________ of all
taxable property. Correct Ans - Discovery, Listing, Valuation
The taxable location of personal property is referred to as its ________.
Correct Ans - Situs
An estimate of value, usually in writing, of an adequately described
property, as of a given date, is termed a/an _______________. Correct Ans -
Appraisal
A jurisdiction's tax rate is determined by dividing the ______________ to be
derived from the property tax by the ________ ____________ _______ of the taxing
jursidiction. Correct Ans - Revenue or Budget/Total Assessed Value
The type of value usually estimated by the assessor is __________ value.
Correct Ans - Market
,The ____________ ____ _______ reflects the ratio between the current tax bull
and the property value. Correct Ans - Effective Tax Rate
In order for a property to have value, it must have __________, ___________,
________________, and ______________ _____________ __________. Correct Ans -
Utility, Scarcity, Desirability, Effective Purchasing Power
The use that generates the highest net return to a property over a
reasonable time period is called its __________ ___ _____ ___. Correct Ans -
Highest and Best Use
The principle of _______ states that maximum value of a neighborhood is
attained when the uses of land are perfectly complementary. Correct
Ans - Balance
Which appraisal principle affirms that land cannot be valued on the basis of
one use while improvements are valued on the basis of another?
Correct Ans - Consistent Use
_____________ is the point at which the forces of supply and forces of demand
meet. Correct Ans - Equilibrium
List the two types of highest and best use analysis. Correct Ans - 1.
As If Vacant
2. As If Improved
The typical life cycle of a neighborhood includes ______, ________, _________,
and _____________. Correct Ans - Growth, Stability, Decline,
Revitalization
What elements of the marketplace are most likely to contribute to a change
in demand? Correct Ans - 1. Consumer Taste/Preferences
2. Consumer Income
3. Price of Related Commodities
4. Consumer Expectations
5. Price of the Commodity
Market value is defined as the most probable price of a property in terms of
money, assuming
, A. Buyer and seller are typically motivated.
B. A reasonable time is allowed for exposure in the open market.
C. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
D. All of the above Correct Ans - D. All of the above
_______ refers to the amount of goods that producers are willing to sell at a
given price during a specified time period. Correct Ans - Supply
Ownership of all legal rights to property is limited by government in four
ways: Correct Ans - 1. Taxation
2. Eminent Domain
3. Police Power
4. Escheat
The seven steps of the appraisal process are: Correct Ans - 1.
Definition of the Problem
2. Scope of Work
3. Preliminary Survey & Analysis
4. Data Collection & Analysis
5. Highest & Best Use Analysis
6. Application of Data & Approaches
7. Correlation/Reconciliation to Final Value
The basis for the adjustments in the sales comparison approach to value is
the principle of ______________. Correct Ans - Contribution
_______ __ ___ represents the value of property for a specific use. Correct
Ans - Value in Use
List any two types of private encumbrances that can be placed on
ownership of real property. Correct Ans - 1. Leases
2. Mortgages
The principle of __________ states that value is created by the expected future
benefits to be derived from the property. Correct Ans - Anticipation
The six basic rights associated with property are as follows: Correct
Ans - 1. Sell
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