ad valorem - Answer- According to Value
The basic responsibilities of an Appraiser to all taxable property. - Answer- 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Answer- Situs
The type of value usually estimated by an Appraiser ...
iaao 101 Exam Questions with correct Answers
ad valorem - Answer- According to Value
The basic responsibilities of an Appraiser to all taxable property. - Answer- 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Answer- Situs
The type of value usually estimated by an Appraiser is the - Answer- Market Value
The effective tax rate reflects the ratio between what - Answer- The current tax bill and the property value
Assessment level times the tax rate equals - Answer- The effective tax rate
_________ divided by the assessed value equals the tax rate. - Answer- Budget
_________ is the physical land and everything permanently attached to it. - Answer- Real Estate
Property tax is an _________. - Answer- ad valorem tax
How do you calculate the Assessment Ratio of a property? - Answer- Assessed Value ÷
Market Value
How do you calculate the Tax rate (%) ? - Answer- Budgeted Revenue (Minus any other
revenue sources) ÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - Answer- Tax rate X Assessed value of Property
Fractional Assessment - Answer- An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - Answer- 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: - Answer- PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate - Answer- Personal Property
The four Governmental restrictions on property ownership: - Answer- TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - Answer- 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - Answer- Is the value of a property for a specific use
Value in exchange - Answer- Is the amount an informed buyer would offer in exchange for a property under given market conditions
Principle of Anticipation * - Answer- Present worth of future benefits
Principle of Change * - Answer- The tendency of social and economic forces affecting supply and demand to alter over time
Principle of Contribution * - Answer- The basis for applying the adjustments in the sales comparison approach
Principle of Substitution * - Answer- Market value of a property tends to be set by the cost of acquiring an equally desirable and valuable property
Principle of Surplus Productivity * - Answer- Net income remaining after the cost of labor, management, and capital has been paid
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