EXAM Flashcards
1
Q
REASONABLE AND PROBABLE USE WHICH WILL SUPPORT THE HIGHEST PRESENT VALUE AS DEFINED.
A
HIGHEST AND BEST USE
2
Q
______ IS DETERMINED BY THE INTERACTION OF THE FORCES OF SUPPLY AND DEMAND
A
MARKET VALUE
3
Q
FOUR AGENTS OF PRODUCTION
A
LABOR=WAGES
CAPITAL=BUILDING/EQUIPMENT
COORDINATION=MANAGEMENT
LAND=SITE (LAND IS ALWAYS THE LAST AGENT)
4
Q
EXISTS WHEN ALL AGENTS OF PRODUCTION ARE SATISFIED AND MAX PRODUCTIVITY IS REACHED
A
BALANCE
5
Q
ESTABLISHES LAND VALUE WHEN THE SURPLUS INCOME IS CAPITALIZED INTO A VALUE CONCLUSION BY THE LAND CAP RATE
A
SURPLUS PRODUCTIVITY
6
Q
NOTHING REMAINS STATIC-CHANGE IS INEVITABLE
A
CHANGE
7
Q
PROFIT TENDS TO ENCOURAGE AN INCREASE IN COMPETITION UNTIL THE MARKET IS SATURATED, THEN ALL WILL BEGIN TO SUFFER A LOSS OF INCOME
A
COMPETITION
8
Q
LAND AND IMPROVEMENTS MUST BE VALUED AS IN ONE USE
A
CONSISTENT USE THEORY
9
Q
VALUE IS CREATED BY THE ANTICIPATION OF FUTURE BENEFITS
A
ANTICIPATION
10
Q
MARKET VALUE CONDITIONS (5)
A
1-REASONABLE EXPOSURE TO MARKET 2-WILLING BUYER/WILLING SELLER 3-NEITHER SIDE UNDER ABNORMAL PRESSURE 4-FREE AND OPEN MARKET 5-TYPICAL FINANCING
11
Q
PROPERTY VALUE IS INFLUENCED BY ESTABLISHED SOCIAL, ECONOMIC, ARCHITECTURAL STANDARDS
A
CONFORMITY
12
Q
THE VALUE OF ANY IMPROVEMENT IS MEASURED BY WHAT IT ADDS TO TOTAL PROPERTY VALUE, NOT BY ITS COST
A
CONTRIBUTION
13
Q
NO PRUDENT PERSON SHOULD PAY ANY MORE THAN THE COST TO PURCHASE AN EQUALLY DESIRABLE SITE AND CONSTRUCT AN IMPROVEMENT WITH THE SAME UTILITY, AMENITY, OR INCOME STREAM
A
SUBSTITUTION
14
Q
PROPERTY VALUE CAN INCREASE WHEN ASSOCIATED WITH PROPERTIES OF GREATER VALUE, AND CONVERSELY, PROPERTY VALUE CAN DECREASE WHEN ASSOCIATED WITH PROPERTIES OF LESSER VALUE
A
PROGRESSION AND REGRESSION
15
Q
ALL PROPERTIES WILL GO THROUGH A LIFE CYCLE, GROWTH-STABILITY-AND DECLINE
A
INCLINING AND DECLINING PERIODS
16
Q
THE 2 MOST COMMON MEASURES EMPLOYED IN MASS APPRAISAL ARE THE
A
MEDIAN AND COD
17
Q
IN KANSAS A COD OF __ OR LESS IS CONSIDERED ACCEPTABLE
A
20
18
Q
PRD
A
MEAN/WEIGHTED MEAN
19
Q
COV=
A
STANDARD DEVIATION/MEAN
20
Q
A PRD VALUE LOWER THAN ___ INDICATES HIGHER VALUE PROPERTIES ARE APPRAISED HIGH, PROGRESSIVE
A
.98
21
Q
labor, materials, equipment, subcontractors
A
direct costs
22
Q
contractors, overhead/profit, architect, surveyors, legal, permits, insurance, taxes, selling expenses
A
indirect costs
23
Q
lumping together all components of the structure, cost per sq ft
A
Comparative unit method
24
Q
curable physical deterioration is what the prudent buyer would fix and is measured by
A
cost to cure
25
THE REND PAID IN A SITUATION WHERE ACTUAL OR CONTRACT RENT EXCEEDS MARKET
excess
26
LAND RATE
DISCOUNT+ETR
27
BUILDING CAP RATE
DISCOUNT+ETR+RECAPTURE
28
PRESENT WORTH OF FUTURE BENEFITS, PROPERTY RISK RATE AND INTEREST
DISCOUNT RATE
29
WEIGHTED AVERAGE OF THE LAND AND CAP RATES
OVERALL RATE
30
LANDLORD SHARE OF GROSS RENTAL INCOME LESS THE LANDLORD SHARE OF EXPENSES (INCLUDING 10% MGMT FEE) EQUALS THE
LANDLORD SHARE OF NET RENTAL INCOME
31
EARLIEST KNOWN TYPE OF LAND DESCRIPTION IS THE
BOUNDED DESCRIPTION
32
BEARING, DISTANCE, LAND REFERENCE
METES AND BOUNDS
33
LATITUDE, LONGITUDE OR STATE PLANE
COORDINATE
34
SQ FT, ACRE, SITE OR LOT AND FRONT FOOT UNITS OF COMPARISON
RESIDENTIAL LAND
35
SQ FT, FRONT FOOT, AND ACRE UNITS OF COMPARISON
COMMERCIAL LAND
36
UNITS OF COMPARISON: ACRES
AG LAND
37
PREFERRED METHOD OF LAND VALUATION IS
SALES COMPARISON APPROACH
38
SALES PRICE-IMPROVEMENT VALUE
ABSTRACTION
39
LAND 2 BUILDING RATIO
ALLOCATION
40
FILING DEADLINE FOR OIL AND GAS
APRIL 1
41
COUNTY PUBLISHES TRENDS AT LEAST __ DAYS PRIOR TO MAILING NOTICES
5
42
1ST HALF TAXES DUE
DEC 20
43
2ND HALF TAXES DUE
MAY 10
44
DIFF BT ECONOMIC LIFE AND REMAINING ECON LIFE IS
EFFECTIVE AGE
45
IF COMMERCIAL PROPERTY IS NOT IN USE, THEY ARE
EXEMPTED FROM TAXES
46
NEW RES. NHBD COD SHOULD BE
10 OR LESS
47
WHO CAN SIGN A RENDITION?
OWNER
SPOUSE
TAX REP
48
TAXPAYERS MUST FILE ANNUAL CLAIM FOR EXEMPTION BY
MARCH 1
49
THIS GRANTS POWER TO USE/ACCESS ANOTHER PERSONS LAND
EASEMENT
50
OLDER RES NHBD COD SHOULD BE
15 OR LESS
51
TWO MOST COMMON MEASURES IN MASS APPRAISAL
MEDIAN
| COD
52
TAXPAYERS MUST APPEAL NOTICE OF PERSONAL PROPERTY VALUES BY
MAY 15TH
53
ACCEPTABLE MEASURE OF DISPERSION IN KS IS A COD OF
20 OR LESS
54
5 DIMENSIONS FOR CLASSIFYING REAL ESTATE (SOFAS)
```
SITE
OWNERSHIP
FUNCTION
ACTIVITY
STRUCTURE
```
55
COMPOSITE MAP CONTAINS
```
SOIL OVERLAY (SOIL TYPES)
PROPERTY OWNERSHIP (PARCEL)
PHOTO BASE MAP (PHOTO)
```
56
PERSONAL PROP USED FACTOR CALCULATION IS
USED COST X USED FACTOR
57
COV=
STANDARD DEVIATION/MEAN RATIO X 100
58
PROPERTIES LIFE CYCLE
GROWTH
STABILITY
DECLINE
59
MCF=
1000 CU FT GAS
60
COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIP ASSESSMENT
25%
61
MOTOR VEHICLE ASSESSMENT
30%
62
WHAT CODE IS REQUIRED BY PVD DIRECTIVE FOR ALL PARCELS
FUNCTION
63
SALES RATIO=
APPR VALUE/SALES PRICE
64
RCWN/USED FACTOR=
USED COST
65
PROPERTY NOT VALUED BASED ON FAIR MARKET VALUE
TRUCKS>20,000 LBS
COMM AND IND EQUIP
AG LAND
66
CLERK CERTIFIES ASSESSMENT ROLLS TO PVD BY
JULY 15TH
67
% DECLINE
PRIOR YR-CURRENT YR/PRIOR YEAR
68
MACH AND EQUIP IN THE COMMERCIAL SUBCLASS THAT IS BEING USED, CANNOT BE LESS THAN ___ % RCWN
20
69
MINERAL LEASEHOLD INTEREST ASSESSMENT RATE
30%
70
SMALLER COMMERCIAL JURISDICTION COD SHOULD BE
20 OR LESS
71
COMMERCIAL EQUIP DEPRECIATION IS
LIFE>7 YEARS GOES ON A 7 YEAR STRAIGHT LINE DEPR.
72
MEDIUM DUTY TRUCK IS
12,001-33000 LBS
73
STANDARD DEVIATION USES THE
MEAN RATIO
74
CENTRAL TENDENCY ACCEPTABLE RANGE IS
90 70 110 FOR THE MEDIAN
75
FIRST 1/2 TAXES DUE BY
DEC 20TH
76
OIL RENDITIONS SHOW __ YRS HISTORY IN ___ VOLUMES
2, MONTHLY
77
THE TOTAL AMOUNT A CONSUMER WOULD PAY TO ACQUIRE NEW PROPERTY IN ORDER TO USE IT TO PRODUCE INCOME IS
RCWN (RENTAL COST WHEN NEW)
78
OIL LEASEHOLD INTEREST THAT AVERAGES
25%
79
MOST USED METHOD OF COST IS
COMPARATIVE UNIT METHOD
80
ANNUAL PRODUCTION IS
DAILY PROD X 365
81
GAS PRODUCTION RENDITION HISTORY IS
5 YR ANNUAL
82
4 CLASSES OF AG LAND (DINT)
DRY CULTIVATED
IRRIGATED
NATIVE GRASSLAND
TAME GRASSLAND
83
CHANGE
NOTHING REMAINS STATIC, CHANGE IS INEVITABLE
84
THE PERIOD OVER WHICH THE IMPROVEMENTS CONTRIBUTE TO THE VALUE OF THE PROPERTY
ECONOMIC LIFE
85
APPEALS CAN BE SUBMITTED __ DAYS AFTER THE MAILING
30
86
THIS PASSES ALL RIGHTS AND INTERESTS W/O WARRANTY
QUIT CLAIM DEED
87
COUNTY APPRAISER HAS TO MAIL NOTICES OF REAL PROPERTY BY
MARCH 1
88
OIL AND GAS FILING DATE IS
APRIL 1
89
GAS WELL
>15000 CU FT OF GAS PER BARREL OF OIL
90
COMMERCIAL IND MACHINERY AND EQUIP RCWN OF $___ OR LESS ARE EXEMPT
$400
91
PROGRESSION
PROPERTY VALUE CAN INCREASE WHEN ASSOCIATED WITH PROPERTIES OF GREATER VALUE
92
CONTRIBUTION
THE VALUE OF ANY IMPROVEMENT IS MEASURED BY WHAT IT ADDS TO THE TOTAL PROPERTY VALUE, NOT BY ITS COST
93
ALL INFORMAL MEETINGS/HEARINGS HAVE TO BE HELD BY
MAY 15TH
94
OIL WELL
95
COMPETITION
PROFIT TENDS TO ENCOURAGE AN INCREASE IN COMPETITION UNTIL THE MARKET IS SATURATED
96
CLERK CERTIFIES LEVIES TO PVD BY
NOV 15TH
97
COUNTY APPRAISER ISSUES FINAL PROPERTY VALUES BY
MAY 20TH
98
ALL OTHER TANGIBLE PERSONAL PROP ASSESSMENT
30%
99
ANTICIPATION
VALUE IS CREATED BY THE ANTICIPATION OF FUTURE BENEFITS
100
SVQ MUST BE ENTERED INTO SYSTEM BY
10TH OF THE FOLLOWING MONTH
101
PERSONAL PROP ASSESSMENT RATE IS
30%
102
MOBILE HOME ASSESSMENT
11.5 %
103
COUNTY APPRAISER CERTIFIES ROLL BY
JUNE 15TH
104
HOW TO CALCULATE STANDARD DEVIATION
```
CALC MEAN
SUBTRACT MEAN FROM EACH
SQUARE EACH RESULT AND SUM
DIVIDE BY N-1
TAKE SQ RT
```
105
2ND HALF TAXES DUE BY
MAY 10TH
106
CONSISTENT USE THEORY
LAND AND IMPROVEMENTS MUST BE VALUED AS IN ONE USE
107
CROP REPORTING DISTRICTS
9 DISTRICTS
108
LANDLORD TENANT NET INCOME IS HOW MANY YRS
8 YEAR AVERAGE FOR AG VALUES
109
LARGE COMMERCIAL JURISDICTION COD SHOULD BE
15 OR LESS
110
BCF
1 BILLION CU FT OF GAS
111
AG CAP RATE
5 YR FEDERAL LAND BANK AS OF JULY 1ST
COUNTY AVG AG TAX RATE
ADD ON NOT 2.75%
CAP RATE 11-12%
112
COUNTY MUST MAIL NOTICES OF PERSONAL PROPERTY VALUES BY
MAY 1ST
113
OWNERSHIP MAP IS ___ PHOTOGRAPHY
VERTICAL
114
BALANCE
EXISTS WHEN ALL AGENTS OF PRODUCTION ARE SATISFIED AND MAXIMUM PRODUCTIVITY IS REACHED
115
ONLY THE WORKING INTEREST QUALIFIES FOR THE ___%
25
116
COUNTY CLERK PROVIDE TAX UNIT MAPS TO DIRECTOR AND APPRAISER BY
JAN 15TH
117
PUBLIC UTILITY ASSESSMENT
33%
118
MAPS MUST BE UPDATED FOR THE PRIOR YEAR BY
MARCH 31ST
119
PERSONAL PROPERTY RENDITION IS DUE
MARCH 15TH
120
COUNTY CLERK MUST CERTIFY FINAL TAX LEVY RATE TO COUNTY TREASURER BY
NOV 1ST
121
BUDGETS MUST BE CERTIFIED TO THE COUNTY CLERK BY
AUGUST 25TH
122
1 MILL IS
.001
123
CLERK CAN CORRECT ERRORS PRIOR TO
NOV 1ST
124
PERSONAL PROPERTY USED FACTOR NO GREATER THAN
5
125
HEAVY DUTY TRUCK IS
OVER 33K POUNDS
126
THE NUMBER OF YEARS REMAINING IN THE ECONOMIC LIFE OF STRUCTURE IS
REMAINING ECONOMIC LIFE
127
ALWAYS ADJUST THE SALE FOR __ FIRST
TIME
128
SURPLUS PRODUCTIVITY
ESTABLISHING LAND VALUE WHEN SURPLUS INCOME IS CAPITALIZED INTO A VALUE CONCLUSION BY THE LAND CAP RATE
129
HOW TO CALC AN ETR
ASSESSMENT %/TAX RATE
130
REGRESSION
PROPERTY VALUE CAN DECREASE WHEN ASSOCIATED WITH PROPERTIES OF LESSER VALUE
131
NET INCOME/SALE PRICE=
DISCOUNT RATE
132
ACCEPTABLE PRD RANGE
.98 TO 1.03
133
HIGHER VALUE PROPERTIES ARE APPRAISED HIGH, RELATIVE TO LOWER VALUED PROPERTIES
134
EXCUSABLE NEGLECT FOR PERSONAL PROP PENALTIES CAN BE ABATED BY
COTA
135
HOW MANY SECTIONS IN A TOWNSHIP
36
136
CHINESE DRYWALL IS
PHYSICAL DETERIORATION AND FUNCTIONAL OBSOLESCENCE
137
ACRE IS _____ SF
43560
138
1 BARREL IS _____ GALLONS
42
139
TREND HAS TO BE PUBLISHED __ DAYS PRIOR TO MAILING
5
140
SECTION 1MILE X 1 MILE
640 ACRES
141
SUBSTITUTION-UNDERLYING PRINCIPLE TO MARKET APPROACH
NO PERSON WILL PAY MORE THAN THE COST TO PURCHASE AN EQUALLY DESIRABLE SITE AND CONSTRUCT AN IMPROVEMENT WITH THE SAME UTILITY, AMENITIES, OR INCOME STREAM
142
CONFORMITY
PROPERTY VALUE IS INFLUENCED BY ESTABLISHED SOCIAL, ECONOMIC, AND ARCHITECTURAL STANDARDS
143
MMCF
1 MILLION CU FT GAS
144
TAXES CAN BE PAID ON FAILED EXEMPTION HEARING ___ DAYS AFTER THE FINAL RULING
30
145
PRD
MEAN RATIO/WEIGHTED MEAN
146
MOBILE HOME ASSESMENT IS
11.5%
147
THE LOSS IN VALUE OF A STRUCTURE AS A RESULT OF NEGATIVE FORCES OUTSIDE THE STRUCTURE BOUNDARY
EXTERNAL OBSOLESCENCE
148
>1.03 PRD
LOWER VALUE PROPERTIES ARE APPRAISED HIGH, RELATIVE TO HIGHER VALUE PROPERTIES
149
PRIMARY APPROACH FOR ALL METHODS OF VALUING
SUBSITUTION
150
BASED ON THE PRINCIPLE OF BALANCE
ALLOCATION
151
ABSTRACTION METHOD
SALE PRICE-IMPR VALUE=LAND VALUE
152
PRINCIPLE OF COMPETITION
CREATED BY POTENTIAL FOR PROFITS
153
4 GOVERNMENTAL RESTRICTIONS (TEEP)
TAXATION
EMINENT DOMAIN
ESCHEAT
POLICE POWER
154
COD
```
FIND MEDIAN
SUBTRACT FROM RATIOS
SUM RATIOS
DIVIDE BY SAMPLE SIZE
DIVIDE BY MEDIAN
```
155
ETR
ASSESSMENT RATE X TAX RATE
156
SALES COMPARISON APPRAOCH 1ST STEP
DEFINING THE APPRAISAL PROBLEM
157
SALE PRICE/ANNUAL GROSS INCOME
GIM
158
THE MOST COMPREHENSIVE AND ACCURATE METHOD OF COST ESTIMATING
QUANTITY SURVEY METHOD
159
MV=RCN-DEP+LAND
COST APPROACH
160
TAX RATE FORMULA
PROPERTY TAX REVENUE/ASSESSED VALUE OF JURISDICTION
161
PLOTTAGE
COMBINING TWO OR MORE SITES TO CREATE GREATER UTILITY AND VALUE
162
USED WHEN NO SALES OF VACANT LAND ARE AVAILABLE
ALLOCATION METHOD
163
STAFF=
PARCELS/RATE X TIME (DAYS)
164
Yo ALSO KNOWN AS
DISCOUNT RATE, RETURN ON INVESTMENT
165
CHATTEL
MORTGAGE ON PERSONAL PROPERTY
166
3 TYPES OF BOUNDARIES
NATURAL
POLITICAL
MAN MADE
167
4 factors that influence value in nhbd analysis (PEGS_
PHYSICAL
ECONOMIC
GOVERNMENTAL
SOCIAL
168
INCURABLE PHYS DETERIORATION (LONG LIVED)
WALL STUDS
INSULATION
FOUNDATION
169
ECONOMIC (EXTERNAL) OBSOLESCENCE
IMPAIRMENT
INUTILITY
DESIRABILITY
170
DISCOUNT RATE
RETURN ON INVESETMENT, CONVERT FUTURE INCOME INTO PRESENT VALUE
171
NOT ECONOMIC TO CORRECT CONDITION
INCURABLE
172
FUNTAIONAL OBSOLESCENCE
INABILITY OF STRUCTURE TO PERFORM ADEQUATELY
173
FUNCTIONAL UTILITY
ABILITY OF IMPROVEMENTS TO SATISFY MARKET STANDARDS AND DEMANDS
174
LEASED FEE INTEREST
LANDLORD INTEREST
175
4 CONSIDERATIONS FOR HIGHEST AND BEST USE
PHYSICALLY POSSIBLE
LEGALLY PERMISSABLE
FINANCING FEASIBLE
MOST PRODUCTIVE
176
6 BASIC RIGHTS OF OWNERSHIP
```
SELL
USE
LEASE
GIVE AWAY
ENTER OR LEAVE
REFUSE TO DO ANY OF THE ABOVE
```
177
DEBT COVERAGE RATIO
NOI/ANNUAL DEBT COST
178
HISTORICAL COST
ORIGINAL COST
179
EASISEST/FASTEST METHOD OF COST
COMP UNIT
180
3 PARTS TO VALUE
UTILITY
SCARCITY
DESIRABILITY
181
LEASEHOLD INTEREST
TENANT INTEREST
182
INCURABLE PHYSICAL DETERIORATION (SHORT LIVED)
AGE LIFE RATIO=ACTUAL AGE/TOTAL LIFE
| -CARPET, H20 HEATER, ROOF, FURNACE
183
ASSEMBLAGE
MERGING ADJACENT PROPERTIES INTO 1 COMMON OWNERSHIP (NO VALUE CHANGE)
184
All personal property is listed in the tax district where the property is located on the first day of the year except for:
property stored or located on an airfield or municipal court is listed in the tax district where the owner resides
-property in transit
185
PP assessment rates
- manufactured homes
- minerals (oil and gas)
- public utilities
- motor vehicles
- C/I machinery and Equip
- All other
- manufactured homes 11.5
- minerals (oil and gas) 25 or 30
- public utilities 33
- motor vehicles 30
- C/I machinery and Equip 25
- All other 30
186
intended to be used by the county appraiser and staff to value each subclass of personal property
Personal Property Valuation Guide
187
contains an overview of laws and procedures
Kansas Personal Property Summary
188
who provides forms for listing personal property
county appraiser
189
Valuing M&E
- establish RCWN
- depriate RCWN
- over economic life of asset when it is _ years or less
- over a max of _ years when it is over _ years
- Appraised value can not be less than ___% of the RCWN
7 years, 20%
190
Sales tax is/is not included in RCWN
is not
191
Freight and installation are only included in RCWN when
they can not be broken out of a set sale price (they were not added on after sale price had been set)
192
RCWNx___=Appraised Value
Appraised Factor
193
Appraised Factor formula
1-(Age/economic life)
194
when valuing M and E, if the economic life is 8 years, what number is used in the formula
7 years (max)
195
Qualifying M&E is not subject to annual filing requirements
- qualified purchase or lease
| - transported into state for expansion of an existing business or creation of a new business
196
ME supplies and equipment is exempt if RCWN is under
$1500
197
Filing penalties are/are not an option and are applied only to the portion that is filed after the deadline
are not
198
The penalty for late filing PP is _% per month with a max of __%
5, 25
199
Failure to file penalty within one year of deadline is applied only to the omitted or under reported portion and is ___%
50
200
If after a year property is discovered to be omitted or under reported is has
escaped taxation
201
THE ESCAPED PENALTY OF __%/YR IS APPLIED ONLY TO THE UNDER REPORTED OR OMITTED PORTION IN ANY OF THE 2 YEARS PRIOR
50
