IAAO 101 QUIZ 100% correct

IAAO 101 QUIZ 100% correct THE BASIC RESPONSIBLITIES OF THE ASSESSOR ARE TO ________________________________ALL TAXABLE PROPERTY LIST VALUE DISCOVER ONE OF THE STEPS AN ASSESSOR MUST TAKE IN THE DISCOVERY OF PROPERTY IS PERIODIC ON-SITE INSPECTIONS A PROPERTY TAX IS A/AN ____________________________TAX, MEANING IT IS BASED ON VALUE AD VALOREM ASSUME THE FOLLOWING CHARACTERISTICS FOR A SINGLE FAMILY RESIDENCE: ACTUAL VALUE = $175,000 ASSESSMENT LEVEL = 20% TAX RATE = 92.8 MILLS CALCULATE THE PROPERTY TAX FOR THE RESIDENCE ASSESSMENT RATIO TIMES TAX RATE .2 X .0928 = .01856 EFFECTIVE TAX RATE VALUE TIMES EFFECTIVE TAX RATE 175,000 X .01856 = $3248 PROPERTY TAX IF THE TAX RATE IS $13.30 PER $100, THE DICIMAL EQUIVALENT WOULD BE MOVE DECIMAL TWO PLACES LEFT 0.1330 ______________________DIVIDED BY THE ASSESSED VALUE EQUALS THE TAX RATE BUDGET ASSESSMENT LEVEL TIMES THE TAX RATE = EFFECTIVE TAX RATE GIVEN THE FOLLOWING COMPUTE A TAX RATE USING DOLLARS PER HUNDRED BUDGET = 6,000,000 MARKET VALUE = 400,000,000 ASSESSMENT LEVEL = 50% NON PROPERTY TAX REVENUE = 1,000,000 BUDGET MINUS NON TAX REV 6,000,000 - 1,000,000 = 5,000,000 BUDGET DIVIDED BY MARKET VALUE 5,000,000 / 400,000,000 = .0125 $1.25 PER HUNDRED __________________IS THE PHYSICAL LAND AND EVERYTHING PERMANENTLY ATTACHED TO IT REAL ESTATE WHAT IS A GOVERNMENTAL RESTRICTION TO THE BUNDLE OF RIGHTS EMINENT DOMAIN BASIC RIGHTS ASSOCIATED WITH OWNERSHIP OF PROPERTY TO USE TO LEASE OR RENT TO ENTER OR LEAVE 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 SUPPLY AND DEMAND ________________________IS THE POINT AT WHICH THE FORCES OF SUPPLY AND DEMAND MEET - THE POINT OF BALANCE EQUILIBRIUM A ___________________________INTEREST IS OWNERSHIP OF ALL THE RIGHTS IN A PROPERTY, EXCEPT THOSE RESERVED BY THE GOVERNMENT, AND WITH NO PRIVATE ENCUMBRANCES FEE SIMPLE IN THE APPRAISAL PROCESS, DATA COLLECTION REQUIRES THE ASSESSOR TO COLLECT GENERAL, SPECIFIC AND COMPARATIVE DATA A __________________________MAY BE DEFINED AS AN AREA OF COMPLEMENTARY LAND USES IN WHICH ALL PROPERTIES ARE SIMILARLY INFLUENCED BY THE FOUR FORCES AFFECTING VALUE NEIGHBORHOOD GIVEN THE FOLLOWING PARCEL A: LAND VALUE = $50,000 IMPROVEMENT VALUE = $150,000 PARCEL B: LAND VALUE = $100,000 IMPROVEMENT VALUE = $300,000 SUBJECT PROPERTY TOTAL VALUE = $300,000 USING THE ALLOCATION METHOD OF LAND VALUATION, THE LAND VALUE FOR THE SUBJECT WOULD BE______ PARCEL A: LAND VALUE + IMPROVEMENT VALUE 50,000 + 150,000 = 200,000 THEN DIVIDE BY LAND VALUE 200,000 / 50,000 = 4 PARTS LAND IS ALWAYS 1 PART SO ITS 1 PART LAND 3 PARTS IMPROVEMENT 1:3 WHICH 100(TOTAL) / 4(PARTS) = 25% SUBJECT PROPERTY 300,000 X 25% = 75,000(LAND VALUE) WHAT ELEMENT OF THE MARKET PLACE IS LIKELY TO CONTRIBUTE TO A CHANGE IN DEMAND CONSUMER EXPECTATIONS WHAT ELEMENT OF THE MARKET PLACE IS LIKELY TO CONTRIBUTE TO A CHANGE IN SUPPLY ENTREPRENEUR EXPECTATIONS A TOWNSHIP IN THE PUBLIC LAND SURVEY SYSTEM CONTAINS ____________SECTIONS, WITH EACH SECTION CONTAINING _____________ACRES 36 640 THE NE1/4NW1/4SE1/4SW1/4 CONTAINS HOW MANY ACRES 640 X .25 = 160 160 X .25 = 40 40 X .25 = 10 10 X .25 = 2.5 2.5 ACRES THE PRINCIPLE THAT STATES THAT THE MARKET VALUE OF A PROPERTY TENDS TO BE SET BY THE COST OF ACQUIRING AN EQUALLY DESIABLE AND VALUABLE SUBSTITUTE PROPERTY IS SUBSTITUTION A PARCEL IDENTIFIER LINKS OWNERSHIP RECORDS, TAX MAPS, AND ASSESSMENT RECORDS. THUS, THE IDENTIFIER MUST BE UNIQUE, PERMANENT AND SIMPLE STRATIFICATION IS THE FIRST STEP IN ANALYZING LAND SALES, AND THE PRIMARY SORT IS BY MARKET AREA THE PRINCIPLE ILLUSTRATING THAT MARKET VALUE IS DETERMINED BY FACTORS SUCH AS ZONING, RENT CONTROLS, INTEREST RATES, ETC IS CHANGE THE APPROPRIATE MAP SCALE FOR URBAN AREAS IS 1" = 100' THE __________UNIT WOULD BE THE APPROPRIATE UNIT WHERE PEDESTRIAN ACCESS IS AN IMPORTANT CONSIDERATION FRONT FOOT WHEN MAKING ADJUSTMENTS TO COMPARABLE SALES, USING PERCENTAGE ADJUSTMENTS IN THE DIRECT SALES COMPARISON APPROACH, THE SEQUENCE OF ADJUSTMENTS THE APPRAISER MUSH FOLLOW ARE FINANCING, MARKET CONDITIONS, LOCATION, PHYSICAL CHARACTERISTICS