Appraiser Trainee questions with actual
answers.
Effective rental ANS - Refers to the Gross rental expectancy less vacancy allowance, Effective rent is
defined as the remaining cash the landlord receives after paying all expenses for operating the property
The amount of rental income expected to be collected over economic rental is designated as ANS -
Excess rental
Office building operational costs are USUALLY expressed in terms of cost per ____ foot ANS - NET
RENTABLE SQUARE
the LARGEST single item of OPERATING EXPENSE in a modern office building is, generally, ANS -
CONTRACTUAL CLEANING
The present worth of a net income stream for a period of 15 years deferred 5 years is the net income
multiplied by the _______ factor ANS - D) 20 year factor less the 5 year
The following formula can be used to develop overall capitalization rate: R= Y-MC + depreciation X
sinking fund factor
In this formula, the symbol M stands for ANS - C) Mortgage ratio
The leased fee position is valued by ANS - B) Discounting the contract rental stream and adding the
present worth of reversion
A title of the administrative code imposes a tax on each deed at the time of delivery of the deed from
the grantor of the grantee when the consideration exceeds $250,000. The LEAST valid of the following
statements regarding the payment of the transfer tax is that...... ANS - LEAST valid of transfer tax is:
A RETURN MUST BE FILED BY EITHER BY the grantor or grantee
, Real property owned by senior citizens may be eligible for partial exemption from real estate taxation
pursuant to the state real property tax law and the city charter. The one of the following situations
which will preclude the granting of the exemption is that the ANS - C) Property consists of an owner-
occupied legal residence above a grocery store
Pursuant to a section of the real property tax law, NEW CONSTRUCTION deemed eligible for tax
exemption benefits by the city during construction, followed by ____ of the full assessed valuation. ANS
- FULLY. 2 years EXEMPT at 100% and then 2 years of exemption at 80%
An honorably discharged Army Chaplain who is currently ministering to a congregation has applied for a
clergyman's exemption and a veteran's exemption on his home. According to the state tax law, this
chaplain... ANS - B) May be able to get both exemptions but the total exemption is limited to $60,000
35) TEST 1
The one of the following statements that is VALID with respect to the tax commission is that ANS - C)
members of the tax commission have the right of entry upon real property at all reasonable times to
ascertain the character of the property
36) After a certiorari (a writ or order by which a higher court reviews a decision of a lower court.) report
has been prepared by an assessor and submitted to the certiorari bureau, he learns that the property
has been refinanced. The one of the following which is the PROPER course of action for an assessor to
take in this situation is to ANS - C) Notify the assessor in charge of the county in which the property the
property is located.
37) In order to equalize the tax roll, the finance administrator decides to decrease the assessed value of
a parcel of real estate on march 1. The owner has never filed for correction of the valuation. The finance
administrator. ANS - May make the change on the assessment rolls immediately without notice to the
owner
38) An assessor is required to enter certain relevant appraisal data in his field book. Of the following
types of data, the one which he is NOT required to enter in the field book is..... ANS - INFORMATION
contained in the city planning commission calendars
39) The one of the following statements that is LEAST valid with regard to property exempted from real
property taxes is that ANS - A) assessors, upon finding a change in either ownership or use for which
the exemption was granted, may restore the property to the assessable tax rolls.
answers.
Effective rental ANS - Refers to the Gross rental expectancy less vacancy allowance, Effective rent is
defined as the remaining cash the landlord receives after paying all expenses for operating the property
The amount of rental income expected to be collected over economic rental is designated as ANS -
Excess rental
Office building operational costs are USUALLY expressed in terms of cost per ____ foot ANS - NET
RENTABLE SQUARE
the LARGEST single item of OPERATING EXPENSE in a modern office building is, generally, ANS -
CONTRACTUAL CLEANING
The present worth of a net income stream for a period of 15 years deferred 5 years is the net income
multiplied by the _______ factor ANS - D) 20 year factor less the 5 year
The following formula can be used to develop overall capitalization rate: R= Y-MC + depreciation X
sinking fund factor
In this formula, the symbol M stands for ANS - C) Mortgage ratio
The leased fee position is valued by ANS - B) Discounting the contract rental stream and adding the
present worth of reversion
A title of the administrative code imposes a tax on each deed at the time of delivery of the deed from
the grantor of the grantee when the consideration exceeds $250,000. The LEAST valid of the following
statements regarding the payment of the transfer tax is that...... ANS - LEAST valid of transfer tax is:
A RETURN MUST BE FILED BY EITHER BY the grantor or grantee
, Real property owned by senior citizens may be eligible for partial exemption from real estate taxation
pursuant to the state real property tax law and the city charter. The one of the following situations
which will preclude the granting of the exemption is that the ANS - C) Property consists of an owner-
occupied legal residence above a grocery store
Pursuant to a section of the real property tax law, NEW CONSTRUCTION deemed eligible for tax
exemption benefits by the city during construction, followed by ____ of the full assessed valuation. ANS
- FULLY. 2 years EXEMPT at 100% and then 2 years of exemption at 80%
An honorably discharged Army Chaplain who is currently ministering to a congregation has applied for a
clergyman's exemption and a veteran's exemption on his home. According to the state tax law, this
chaplain... ANS - B) May be able to get both exemptions but the total exemption is limited to $60,000
35) TEST 1
The one of the following statements that is VALID with respect to the tax commission is that ANS - C)
members of the tax commission have the right of entry upon real property at all reasonable times to
ascertain the character of the property
36) After a certiorari (a writ or order by which a higher court reviews a decision of a lower court.) report
has been prepared by an assessor and submitted to the certiorari bureau, he learns that the property
has been refinanced. The one of the following which is the PROPER course of action for an assessor to
take in this situation is to ANS - C) Notify the assessor in charge of the county in which the property the
property is located.
37) In order to equalize the tax roll, the finance administrator decides to decrease the assessed value of
a parcel of real estate on march 1. The owner has never filed for correction of the valuation. The finance
administrator. ANS - May make the change on the assessment rolls immediately without notice to the
owner
38) An assessor is required to enter certain relevant appraisal data in his field book. Of the following
types of data, the one which he is NOT required to enter in the field book is..... ANS - INFORMATION
contained in the city planning commission calendars
39) The one of the following statements that is LEAST valid with regard to property exempted from real
property taxes is that ANS - A) assessors, upon finding a change in either ownership or use for which
the exemption was granted, may restore the property to the assessable tax rolls.
