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IAAO 101 Exam Review Questions With 100% Correct And Verified Answers 2024
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IAAO 101 Exam Review Questions With 100% Correct And Verified Answers 2024
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IAAO 101 Exam Review Questions With100% Correct And Verified Answers 2024
The property tax is an ____ __________ tax, meaning it is
based on value. - Correct Answer-ad valorem
The assessor is responsible for the _______, ________, and
__________ of all taxable property. - Correct Answer-
discovery
listing
valuation
The taxable location of personal property is referred to as its
__________. - Correct Answer-situs
An estimate of value, usually in writing, of an adequately
described property, as of a given date, is termed ___
___________. - Correct Answer-an appraisal
A jurisdiction's tax rate is determined by dividing the
_________ to be derived from property tax by the total
_________ ____________ of the taxing jurisdiction. - Correct
Answer-budget
assessed valuation
Vendarsol
,The type of value usually estimated by the assessor is
__________ value. - Correct Answer-market
The _________ ________ _________ reflects the ratio
between the current tax bill and the property value. -
Correct Answer-effective tax rate
In order for a property to have value, it must have ______,
_______, ________ and __________ __________ _________. -
Correct Answer-utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property
over a reasonable time period is called ________ _______
_________ _________. - Correct Answer-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 Answer-balance
Vendarsol
, 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 Answer-Consistent use
List the four tests that the appraiser must make in the analysis of
the highest and best use. - Correct Answer-Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto. - Correct
Answer-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 Answer-personal
Assessment level times the tax rate equals the _________ ______
________. - Correct Answer-effective tax rate
____________ is the point at which the forces of supply and forces
of demand meet. - Correct Answer-Equilibrium
Vendarsol
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