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IAAO 101 Exam With 100% Correct And Verified Answers 2024
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IAAO 101 Exam With 100% Correct And Verified Answers 2024
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IAAO 101 Exam With 100% Correct AndVerified Answers 2024
The basic responsibilities of the assessor are to
___________________ all taxable property - Correct Answer-
Discover, List, and Value
One of the steps an assessor must take in the discovery of
property is to - Correct Answer-Conduct periodic on-site
inspections of properties
The property tax is a/an _____________________ tax, meaning it is
based on value. - Correct Answer-Ad Valorem
If a tax rate is $13.30 per $100, the decimal equivalent would be -
Correct Answer-0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate=
92.8 mills. Calculate the property tax for the residence - Correct
Answer-$3,248.00
_______________________________ divided by the assessed
value equals the tax rate. - Correct Answer-Budget
Vendarsol
,Assessment level times the tax rate equals the - Correct Answer-
Effective Tax Rate
____________________________________ is a the physical land
and everything permanently attached to it. - Correct Answer-Real
Estate
Which of the following is governmental restriction to the "bundle
of rights"? - Correct Answer-Emiment Domain
Which of the following is a basic right associated with the
ownership of property? - Correct Answer-To use, To lease or Rent,
To enter or leave
In order for a property to have value, it must have utility, scarcity,
desirability, and effective purchasing power. The economic forces
that determine scarcity are - Correct Answer-supply and demand
______________________ is the point at which the forces of
supply and demand meet ---the point of balance. - Correct Answer-
Equilibrium
A/an_________________________interest is ownership of all of the
rights in a property, except those reserved by the government,
and with no private encumbrances. - Correct Answer-Fee Simple
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, In the appraisal process, data collection requires the assessor
to collect - Correct Answer-General Data, Specific Data,
Comparative Data
Which of the following is not one of the four great forces by
which value is created, maintained, modified or destroyed? -
Correct Answer-Conceptual
A_________________________________may be defined as
an area of complementary land uses in which all properties
are similarly influenced by the four forces affecting value. -
Correct Answer-Neighborhood
What element of the marketplace is likely to contribute to a
change in demand? - Correct Answer-Consumer expectations
(demand relates to consumer)
What element of the marketplace is likely to contribute to a
change in supply? - Correct Answer-Entrepreneur
expectations (Entrepreneurs relates to supply)
A township in the Public Land Survey System contains
_______________ sections, with each section containing
______________ acres. - Correct Answer-36-640
Vendarsol
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