IAAO 101 EXAM TEST WITH VERIFIED ANSWERS
1. ad valorem According to Value
2. The basic responsi- 1. Discovery
bilities of an Apprais- 2. Listing
er to all taxable prop- 3. Valuation
erty.
3. The taxable location Situs
of personal property
is referred to as its'
4. The type of value Market Value
usually estimated by
an Appraiser is the
5. The effective tax rate The current tax bill and the property value
reflects the ratio be-
tween what
6. Assessment level The effective tax rate
times the tax rate
equals
7. divided Budget
by the assessed val-
ue equals the tax
rate.
8. is the Real Estate
physical land and
everything perma-
nently attached to it.
9. Property tax is an ad valorem tax
.
10. How do you calcu- Assessed Value ÷ Market Value
late the Assessment
Ratio of a property?
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, IAAO 101 EXAM TEST WITH VERIFIED ANSWERS
11. How do you calcu- Budgeted Revenue (Minus any other revenue
late the Tax rate (%) ? sources) ÷ Total Assessed Value of all property
12. How do you calcu- Tax rate X Assessed value of Property
late the Property Tax
bill?
13. Fractional Assess- An assessed value not statutorily at 100% of market
ment value
14. The six basic SLUGER
rights associated
with property are: 1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
15. The four factors that PEGS
influence/effect land
values are: 1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
16. consists Personal Property
of movable items not
permanently affixed
to, or part of the real
estate
17. The four Govern- TEPE
mental restrictions
on property owner- 1. Taxation
ship: 2. Eminent domain
3. Police power
4. Escheat
18.18.
2/7
1. ad valorem According to Value
2. The basic responsi- 1. Discovery
bilities of an Apprais- 2. Listing
er to all taxable prop- 3. Valuation
erty.
3. The taxable location Situs
of personal property
is referred to as its'
4. The type of value Market Value
usually estimated by
an Appraiser is the
5. The effective tax rate The current tax bill and the property value
reflects the ratio be-
tween what
6. Assessment level The effective tax rate
times the tax rate
equals
7. divided Budget
by the assessed val-
ue equals the tax
rate.
8. is the Real Estate
physical land and
everything perma-
nently attached to it.
9. Property tax is an ad valorem tax
.
10. How do you calcu- Assessed Value ÷ Market Value
late the Assessment
Ratio of a property?
1/7
, IAAO 101 EXAM TEST WITH VERIFIED ANSWERS
11. How do you calcu- Budgeted Revenue (Minus any other revenue
late the Tax rate (%) ? sources) ÷ Total Assessed Value of all property
12. How do you calcu- Tax rate X Assessed value of Property
late the Property Tax
bill?
13. Fractional Assess- An assessed value not statutorily at 100% of market
ment value
14. The six basic SLUGER
rights associated
with property are: 1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
15. The four factors that PEGS
influence/effect land
values are: 1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
16. consists Personal Property
of movable items not
permanently affixed
to, or part of the real
estate
17. The four Govern- TEPE
mental restrictions
on property owner- 1. Taxation
ship: 2. Eminent domain
3. Police power
4. Escheat
18.18.
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