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IAAO 101 Exam Questions and Correct Answers Latest Update Already Passed

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IAAO 101 Exam Questions and Correct Answers Latest Update Already Passed ad valorem - Answers According to Value The basic responsibilities of an Appraiser to all taxable property. - Answers 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its'...

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  • November 5, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • iaao 101

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  • Iaao 101
  • Iaao 101

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IAAO 101 Exam Questions and Correct Answers Latest Update 2024-2025 Already Passed

ad valorem - Answers According to Value

The basic responsibilities of an Appraiser to all taxable property. - Answers 1. Discovery

2. Listing

3. Valuation

The taxable location of personal property is referred to as its' - Answers Situs

The type of value usually estimated by an Appraiser is the - Answers Market Value

The effective tax rate reflects the ratio between what - Answers The current tax bill and the property
value

Assessment level times the tax rate equals - Answers The effective tax rate

_________ divided by the assessed value equals the tax rate. - Answers Budget

_________ is the physical land and everything permanently attached to it. - Answers Real Estate

Property tax is an _________. - Answers ad valorem tax

How do you calculate the Assessment Ratio of a property? - Answers Assessed Value ÷ Market Value

How do you calculate the Tax rate (%) ? - Answers Budgeted Revenue (Minus any other revenue
sources) ÷ Total Assessed Value of all property

How do you calculate the Property Tax bill? - Answers Tax rate X Assessed value of Property

Fractional Assessment - Answers An assessed value not statutorily at 100% of market value

The six basic rights associated with property are: - Answers SLUGER



1. Sell

2. Lease

3. Use

4. Give away

5. Enter or Leave

6. Refuse to do any of the above

, The four factors that influence/effect land values are: - Answers PEGS



1. Physical (Environmental)

2. Economic

3. Governmental

4. Social

_________ consists of movable items not permanently affixed to, or part of the real estate - Answers
Personal Property

The four Governmental restrictions on property ownership: - Answers TEPE



1. Taxation

2. Eminent domain

3. Police power

4. Escheat

Private encumbrances: - Answers 1. Co-Owners

2. Condominium/Subdivision restrictions

3. Covenants

4. Mortgages

5. Easements

6. Liens and Judgements

7. Leases

Value in use - Answers Is the value of a property for a specific use

Value in exchange - Answers Is the amount an informed buyer would offer in exchange for a property
under given market conditions

Principle of Anticipation * - Answers Present worth of future benefits

Principle of Change * - Answers The tendency of social and economic forces affecting supply and
demand to alter over time

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