Exam (elaborations)
IAAO 101 – QUESTIONS & ANSWERS (100% ACCURATE)
IAAO 101 – QUESTIONS & ANSWERS (100% ACCURATE)
[Show more]
Content preview
IAAO 101 – QUESTIONS & ANSWERS (100% ACCURATE)Basic responsibilities of tax assessors Correct Ans - Discover, List,
and Value
What are the rights of ownership? Bundle of rights Correct Ans -
Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything.
(S.L.U.G.E.R.)
What are the Government restrictions placed on bundle of rights?
Correct Ans - T.E.P.E. Taxation, Eminent domain, police power, escheat
In order for a property to have value, it must have? Correct Ans -
Utility, scarcity, desirability, and purchasing power.
Anticipation Correct Ans - Present worth of future benefits.
Balance Correct Ans - Maximum value is obtained when the four
agents of production attain a state of equilibrium.
Change Correct Ans - The tendency of social economic forces
affecting supply and demand to shift over time
Competition Correct Ans - Availability must be in harmony with
demand. If one or the other is in excess, prices will increase or decrease.
Conformity Correct Ans - The value of property depends, in part,
on its relationship to its surroundings.
Consistent Use Correct Ans - Market value of a property tends to be
set by the cost of acquiring an equally desirable and valuable property.
Contribution Correct Ans - The value for a component of property
depends on its contribution to the whole.
Increasing/Decreasing Returns Correct Ans - After a certain point,
the addition of successive increments of one agent of production decreases
future incomes or amenities.
, Progression / Regression Correct Ans - The value of a lower priced
property is increased by its association with better properties of the same
type and vice versa.
Substitution Correct Ans - Market value of a property tends to be
set by the cost of acquiring an equally desirable and valuable property.
Surplus Productivity Correct Ans - Net income remaining after the
costs of labor, management, and capital have been paid
Supply Correct Ans - The amount of goods that producers are
willing to sell under various conditions during a given period.
Demand Correct Ans - Quantities of various goods that people are
willing and able to buy during some period, given the choices available to
them.
What is highest and best use? Correct Ans - The use that generates
the highest net return to the property over a reasonable time period.
What is the criteria for highest and best use? Correct Ans - Must be
legally permissible, physically possible, financially feasible, and maximally
productive.
What are the 7 steps of the appraisal process? Correct Ans - Define
the problem, scope of work, preliminary survey and analysis, data
collection and analysis, highest and best use, application of approach(es),
reconciliation.
The four forces or factors of value are? Correct Ans - PEGS,
Physical, Economic, Government, and Social
What is the typical life cycle of a NBHD? Correct Ans - Growth,
Stability, Decline, and Revitalization
Property tax is a what kind of tax? Correct Ans - Ad Valorem
The taxable location of personal property is referred to as its? Correct
Ans - Situs
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$14.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now