IAAO 101 Test Questions with All Complete Solutions
98 views 0 purchase
Module
IAAO 101
Institution
IAAO 101
IAAO 101 Test Questions with All Complete Solutions
Basic responsibilities of tax assessors - ANSWER Discover, List, and Value
What are the rights of ownership? Bundle of rights - ANSWER Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything. (S.L.U.G.E.R.)
...
iaao 101 test questions with all complete solutions
basic responsibilities of tax assessors
what are the rights of ownership bundle of rights
Written for
IAAO 101
IAAO 101
Seller
Follow
Perfectscorer
Reviews received
Content preview
IAAO 101 Test Questions with All Complete Solutions Basic responsibilities of tax assessors - ANSWER Discover, List, and Va lue What are the rights of ownership? Bundle of rights - ANSWER 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? - ANSWER T.E.P.E. T axation, Eminent domain, police power, escheat In order for a property to have value, it must have? - ANSWER Utility, scarcity, desirability, and purchasing power. Anticipation - ANSWER Present worth of future benefits. Balance - ANSWER Maximum value is obtained when the four agents of production attain a state of equilibrium. Change - ANSWER The tendency of social economic forces affecting supply and demand to shift over time Competition - ANSWER Avail ability must be in harmony with demand. If one or the other is in excess, prices will increase or decrease. Conformity - ANSWER The value of property depends, in part, on its relationship to its surroundings. Consistent Use - ANSWER Market value of a property tends to be set by the cost of acquiring an equally desirable and valuable property. Contribution - ANSWER The value for a component of property depends on its contribution to the whole. Increasing/Decreasing Returns - ANSWER After a certain point, the addition of successive increments of one agent of production decreases future incomes or ameni ties. Progression / Regression - ANSWER The value of a lower priced property is increased by its association with better properties of the same type and vice versa. Substitution - ANSWER Market value of a property tends to be set by t he cost of acquiring an equally desirable and valuable property. Surplus Productivity - ANSWER Net income remaining after the costs of labor, management, and capital have been paid Supply - ANSWER The amount of goods that producers ar e willing to sell under various conditions during a given period. Demand - ANSWER 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? - ANSWE R 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? - ANSWER Must be legally permissible, physically possible, financially feasible, and maximall y productive. What are the 7 steps of the appraisal process? - ANSWER 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? - ANSWER PEGS, Physical, Economic, Government, and Social What is the typical life cycle of a NBHD? - ANSWER Growth, Stability, Decline, and Revitalization Property tax is a what kind of tax? - ANSWER Ad Valorem The taxable location of personal property is referred to as its? - ANSWER Situs What are the two types of highest and best use analysis? - ANSWER As if vacant and as if improved. What is the point at which the forces of supply and forces of demand meet? - ANSWER Equilibrium
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 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 Perfectscorer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.70. You're not tied to anything after your purchase.
