IAAO 101 - Review Questions with Verified Answers Graded A+
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Course
IAAO 101
Institution
IAAO 101
IAAO 101 - Review Questions with Verified Answers Graded A+
1. ad valorem
2. discovery
listing
valuation
3. situs
4. an appraisal
5. budget
assessed valuation
6. market
7. effective tax rate
8. utility
scarcity
The property tax is an tax,
meaning it is based on value.
The assessor is...
IAAO 101 - Review Questions with Verified Answers Graded A+
1. ad valorem The property tax is an tax,
meaning it is based on value.
2. discovery The assessor is responsible for the ,
listing , and of all taxable prop-
valuation erty.
3. situs The taxable location of personal property is re-
ferred to as its .
4. an appraisal An estimate of value, usually in writing, of an
adequately described property, as of a given
date, is termed .
5. budget A jurisdiction's tax rate is determined by dividing
assessed valuation the to be derived from property tax
by the total of the
taxing jurisdiction.
6. market The type of value usually estimated by the as-
sessor is value.
7. effective tax rate The reflects
the ratio between the current tax bill and the
property value.
8. utility In order for a property to have value, it must have
scarcity , , and
desirability .
effective purchasing pow-
er
9. highest and best use The use that generates the highest net re-
turn to a property over a reasonable time pe-
riod is called
.
10. balance The principle of states that maxi-
mum value of a neighborhood is attained when
the uses of land are perfectly complementary.
11. Consistent use Which appraisal principle affirms that land can-
not be valued on the basis of one use while im-
provements are valued on the basis of another?
12. Legally permissible List the four tests that the appraiser must make
Physically possible in the analysis of the highest and best use.
Financially feasible
Most productive
13. Real estate is a parcel of land and any
structures or improvements that are permanent-
ly affixed thereto.
14. personal 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.
15. effective tax rate Assessment level times the tax rate equals the
.
16. Equilibrium is the point at which the forces of
supply and forces of demand meet.
17. A. As if vacant. List the two types of highest and best use analy-
B. As if improved. sis.
18. growth The typical life cycle of a neighborhood in-
stability cludes , , and
decline .
revitalization
19. Consumer tastes and What elements of the marketplace are most like-
preferences ly to contribute to a change in demand?
Consumer income
Price of related commodi-
ties
Consumer expectations
Price of the commodity
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