Exam (elaborations)

IAAO 101 – Quizzes with Verified Answers

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IAAO 101

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IAAO 101

IAAO 101 – Quizzes with Verified Answers 1. The basic responsibilities of the assessor are to all taxable property. 2. One of the steps an assessor must take in the discovery of property is to: 3. The property tax is a/an tax, mean- ing it is based on value. 4. Assume the following char...

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Uploaded on August 3, 2024
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Type Exam (elaborations)
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iaao 101 quizzes with verified answers

Institution IAAO 101
Course IAAO 101

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IAAO 101 – Quizzes with Verified Answers
1. The basic responsibilities of the A. List
assessor are to all B. Value
taxable property. C. Discover

D. All of the Above

2. One of the steps an assessor conduct periodic on-site inspections of
must take in the discovery of properties
property is to:

3. The property tax is a/an ad valorem
tax, mean-
ing it is based on value.

4. Assume the following charac- $3248.00
teristics for a single-family resi-
dence:

Actual value=$175,000; assess-
ment level=20 percent; tax
rate=92.8 mills. Calculate the
property tax for the residence.

5. If a tax rate is $13.30 per 100, the 0.1330
decimal equivalent would be

6. divided by the Budget
assessed value equals the tax
rate.

7. Assessment level times effective tax rate
the tax rate equals
the .

8. Given the following, compute a $1.25
tax rate using dollars per hun-
dred:

Budget: $6,000,000
Market Value: $800,000,000
1/7

, IAAO 101 – Quizzes with Verified Answers
Assessment Level: 50%
Non-property tax revenu:
$1,000.000

9. is the physical real estate
land and everything permanent-
ly attached to it.

10. Which of the following is a eminent domain
governmental restriction to the
"bundle of rights"?

11. Which of the following is a basic A. to use
right associated with the owner- B. to lease or rent
ship of property? C. to enter or leave

D. All of the above

12. In order for a property to have supply and demand
value, it must have utility, scarci-
ty, desirability, and effective pur-
chasing power. the economic
forces that determine scarcity
are .

13. is the point at equilibrium
which the forces of supply and
demand meet --- the point of bal-
ance.

14. A/an interest is fee simple
ownership of all the rights in a
property, except those reserved
by the government, and with no
private encumbrances.

15. In the appraisal process, data A. general data
collection requires the asses- B. specific data
sor to collect C. comparative data

2/7

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IAAO 101 – Quizzes with Verified Answers

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