Exam (elaborations)
IAAO 101 Quizzes – Questions With Solutions
IAAO 101 Quizzes – Questions With Solutions
[Show more]
Content preview
IAAO 101 Quizzes – Questions With SolutionsThe basic responsibilities of the assessor are to _________ all taxable
property. Correct Ans - A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to:
Correct Ans - conduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value.
Correct Ans - ad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills.
Calculate the property tax for the residence. Correct Ans - $3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be Correct
Ans - 0.1330
______________ divided by the assessed value equals the tax rate. Correct
Ans - Budget
Assessment level times the tax rate equals the_____________________.
Correct Ans - effective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 Correct Ans - $1.25
____________ is the physical land and everything permanently attached to it.
Correct Ans - real estate
, Which of the following is a governmental restriction to the "bundle of
rights"? Correct Ans - eminent domain
Which of the following is a basic right associated with the ownership of
property? Correct Ans - A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
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 Ans - supply and
demand
___________ is the point at which the forces of supply and demand meet----the
point of balance. Correct Ans - equilibrium
A/an ___________ interest is ownership of all the rights in a property, except
those reserved by the government, and with no private encumbrances.
Correct Ans - fee simple
In the appraisal process, data collection requires the assessor to collect
Correct Ans - A. general data
B. specific data
C. comparative data
D. All of the above
Which of the following is not one of the four great forces by which value is
created, maintained, modified or destroyed? Correct Ans -
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 Ans - neighborhood
What element of the marketplace is likely to contribute to a change in
demand? Correct Ans - consumer expectations
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$13.92. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now