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IAAO 101 Study Guide - Questions And Answers
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IAAO 101 Study Guide - Questions And Answers
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IAAO 101 Study Guide - Questions And AnswersTax Rates Correct Ans - Calculated from the total assessed vlaue
Sales, Cost, Income Correct Ans - 3 approaches to appraisal
Physical, Economic, Government, Social Correct Ans - The four
factors that influence value
Maps Correct Ans - These are used for the discovery of property
Discover, List, Value Correct Ans - Appraisers basic responsibilities
are
Tax Rate is calculated by Correct Ans - The budget (minus non
property tax revenues) divided by the assessed value
Effective Tax Rate Correct Ans - Measure tax burden as a % of
appraised value (Assessment Ratio x Tax Rate)
Real Property Correct Ans - Sum of tangible and intangible rights in
land and improvements
Real Estate Correct Ans - Land and buildings
6 basic rights of ownership Correct Ans - Sell, Lease, Use, Give
away, Enter or Leave, Refuse
Bundle of rights Correct Ans - 6 rights of ownership referred to as
Taxation, Eminent Domain, Police Power, Escheat Correct Ans -
Government restrictions on property
Fee Simple Interest Correct Ans - Highest form of ownership
Leasehold interest (tenant interest) Correct Ans - A lease that
conveys property rights from an owner to a tenant
Leased fee interest Correct Ans - Landlord interest
, Value Correct Ans - The present worth of future benefits arising
from the ownership of real property
Anticipation Correct Ans - The principle based on the present
worth of future benefits
Value requires Correct Ans - Utility, Scarcity, Desirability, Effective
Purchase power
Market value Correct Ans - The most probable price which a
property should bring in a competitive and open market
Anticipation Correct Ans - Principle used for the valuation of
income producing properties. It derives value for those future benefits.
Change Correct Ans - This principle requires us to look at the
possibility of time adjustment
Four agents of production Correct Ans - Land Labor Capital
Management
Equilibrium Correct Ans - Maximum market value is reached when
the four agents of production balance with each other is called....
Contribution Correct Ans - Principle relative to sales comparison
Substitution Correct Ans - This principle is the foundation for all 3
approaches
Surplus Productivity Correct Ans - Net income remaining after the
costs of labor management and capital have been satisfied
Supply Correct Ans - Amount of goods producers are willing to sell
Demand Correct Ans - Amount of commodity that consumer buy at
a given price during a period
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